FILE PHOTO: A man speaks on his mobile phone as he walks past logos of Vodafone painted on a roadside wall in Kolkata May 20, 2014. REUTERS/Rupak De Chowdhuri/File Photo
NEW DELHI: Vodafone Group Plc’s India venture plunged by a record on prospects of having to pay the government $4 billion in back-fees as early as next week, highlighting concerns over the future of the beleaguered mobile carrier.
Local wireless operators including Vodafone Idea Ltd. and Bharti Airtel Ltd. suffered a blow Thursday, when the nation’s Supreme Court rejected their appeal against an October verdict, requiring them to pay as much as $13 billion for spectrum and license fees. The companies were counting on some relief, such as a reversal of the earlier order, reduced liabilities or even staggered payment.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
