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Vodafone Idea plunges 16%, now less than Rs 3 a stock
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SME Times News Bureau | 18 Feb, 2020
Vodafone Idea scrips on Tuesday plunged over 16 per cent to trade below
Rs 3 a stock after India Ratings downgraded its rating on
non-convertible debentures of Rs 3,500 crore citing stress on the
company's near-term liquidity post the Supreme Court's ruling.
From
a 52 week high of Rs 35.30 a stock that Vodafone Idea logged on March
13, 2019, it has now fallen below Rs 3 a share on Tuesday as its
survival has come under question after the apex court ruling on February
14 directing the telcos to pay the adjusted gross revenue (AGR) related
liabilities to the government next month.
With the government
mulling the possibilities of invoking bank guarantees of the telcos to
recover the statutory dues, Vodafone Idea chairman Kumar Mangalam Birla
on Tuesday met Telecom Secretary Anshu Prakash on the AGR payment issue
after paying Rs 2,500 crore on Monday.
The company had urged the
court that the bank guarantee deposited with the government by Vodafone
Idea should also not be encashed. Birla has maintained that without
relief on the AGR payout, it may not be possible to continue as a going
concern.
The company in a regulatory filing said that "India
Ratings and Research (Ind-Ra), has downgraded its rating on
Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone
Mobile Services Limited (since merged with the Company)".
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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