Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

Vodafone Idea, Bharti Airtel Tumble on Reports CoS on Telecom Bailout Package Disbanded

Vodafone Idea plummeted 11.70 per cent to close at Rs 6.04 on the BSE. Shares of Bharti Airtel also dropped 4.34 per cent to close at Rs 431.70.

PTI

Updated:November 26, 2019, 8:05 PM IST
facebookTwitter Pocket whatsapp
Vodafone Idea, Bharti Airtel Tumble on Reports CoS on Telecom Bailout Package Disbanded
A rickshaw puller speaks on his mobile phone in front of advertisement billboards belonging to telecom companies in Kolkata, India, February 3, 2014. REUTERS/Rupak De Chowdhuri/File Photo

New Delhi: Shares of Vodafone Idea and Bharti Airtel tumbled on Tuesday, with the former plunging up to 11.7 per cent, following reports that the committee of secretaries constituted to look at a relief package for the debt-laden and loss-making sector has been wound up.

Vodafone Idea plummeted 11.70 per cent to close at Rs 6.04 on the BSE. During the day, it tumbled 16.66 per cent to Rs 5.70.

Shares of Bharti Airtel also dropped 4.34 per cent to close at Rs 431.70. During the day, it tanked 4.71 per cent to Rs 430.

Bharti Airtel shares also fell after Icra downgraded the company's long-term rating due to higher provisioning in its latest quarterly results following the Supreme Court judgement on adjusted gross revenue (AGR) and spectrum charges.

With the Cabinet allowing telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, a committee of secretaries constituted to look at relief package for the debt-laden and loss-making sector has been wound up, a top source said.

The Committee of Secretaries was last month constituted to examine "all aspects" of "financial stress" faced by service providers such as Bharti Airtel and Vodafone-Idea Ltd and suggest measures to mitigate them.

The panel was constituted shortly after the Supreme Court upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer.

Acting on its recommendations, the Cabinet on November 20 deferred spectrum payment dues from telecommunications companies for two years to help an industry ravaged by a year-long price war, mounting debt and the Supreme Court decision last month demanding Rs 1.4 lakh crore in overdue fees.

The decision to wind up the CoS follows the government's unwillingness to intervene in the Supreme Court-mandated statutory payments, sources said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
ICICI Bank 524.80 -0.62
Indiabulls Hsg 272.45 -4.44
Reliance 1,554.90 0.26
Company Price Change %Gain
Yes Bank 56.00 -9.82
Indiabulls Hsg 272.40 -4.39
SBI 319.80 -4.89
Reliance 1,554.95 0.30
RBL Bank 338.80 -7.28
Top Gainers
Company Price Change %Gain
Bharti Infratel 259.70 5.55
Kotak Mahindra 1,674.30 1.52
JSW Steel 254.10 1.05
Tata Steel 403.25 0.86
Dr Reddys Labs 2,890.80 0.67
Company Price Change %Gain
Kotak Mahindra 1,674.30 1.48
Tata Steel 402.95 0.83
Reliance 1,554.95 0.30
Asian Paints 1,717.35 0.15
Infosys 715.15 0.07
Top Losers
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
Zee Entertain 287.70 -4.12
GAIL 117.15 -3.34
IndusInd Bank 1,465.85 -2.91
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 319.80 -4.89
IndusInd Bank 1,463.75 -3.05
Tata Motors 161.50 -2.77
M&M 510.30 -2.73

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results