Shares of Vodafone Idea Ltd. declined 10% on Thursday, October 30, after the Supreme Court's written order on the telecom company's additional adjusted gross revenue (AGR) plea, sparked a debate as it offers only partial relief to the company.The telecom stock hit the day's low of ₹8.21 on the BSE, as against its last closing price of ₹9.37.
According to the Supreme Court's written order, the claim is restricted only to the additional adjusted gross revenue (AGR) demand raised for the period up to the financial year 2016-17. According to certain media reports, citing analysts, the relief, if provided, will be limited to the new AGR demand of ₹9,450 crore.“It is further to be noted that the prayer in the petition itself restricts its claim only to the additional AGR demand raised by the respondent for the period up to the Financial Year 2016-17,” the Supreme Court order read. The Supreme Court order further specified that it applies only to Vodafone Idea, dealing a blow to rival Bharti Airtel, whose shares also declined nearly 1.5% in trade today. The financially stressed telecom company — facing ₹83,400 crore in AGR dues and total government liabilities of nearly ₹2 trillion — has repeatedly cautioned that such a burden poses risks to its viability and the livelihoods of its workforce.
Vodafone Idea employs over 18,000 people and serves approximately 198 million subscribers across India.In its petition filed on September 8, Vodafone Idea contested the Department of Telecommunications’ (DoT) fresh demand of ₹9,450 crore for the period up to 2018–19. This included ₹2,774 crore attributed to Vodafone Idea (post-merger) and ₹6,675 crore linked to the former Vodafone Group entities.The company stated that out of the total ₹9,450 crore demand, around ₹5,606 crore (as of March 31, 2025) pertains to the period up to 2016–17, which it said had already been finalised (“crystallised”) by the Supreme Court.Vodafone Idea shares, which crossed ₹10 apiece after the Supreme Court's order on Monday, were trading 11.11% lower at ₹8.32 apiece around 10 am on Thursday. The stock has gained 2.3% in the past month.