Shares of Vodafone Idea plunged as much as 24% to a record low in Mumbai, while Airtel tumbled as much as 9.7% before reversing the losses. Reliance Industries Ltd., the parent of Jio, rallied 3.2%.
NEW DELHI: India’s top court ordered several telecom carriers, including Bharti Airtel Ltd., Vodafone Idea Ltd. and many defunct ones, to pay the government as much as 920 billion rupees ($13 billion) in past dues, dealing a blow to the businesses already struggling to make profits and pare debt.
The Supreme Court, in a ruling read out by a two-judge bench headed by Justice Arun Mishra, said it will decide on the timeline for payments. Thursday’s decision possibly puts an end to the two-decades-old legal dispute over airwaves fees owed to the government.
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