A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday.

<a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Also Read:&nbsp;Telecom operators to pay Rs 92,000 crore as dues to telecom department</a>

Vodafone's share price collapsed 39 per cent to 3.65 rupees before it&nbsp;recovered to 4.60 rupees which weighed on the market with the Sensex shedding 0.16 per cent to 41,866.16 in morning trade.

After the bloodbath, Vodafone shares&nbsp;closed 25.21 per cent lower at Rs 4.51 on the Bombay Stock Exchange(BSE).

The Sensex, however, ended 12.81 points higher at 41,945.37, while Nifty closed 3.10 points lower at 12,352.40.

Last year, India's top court had granted three months to telecom operators to clear their dues with top companies - Reliance, Bharti Airtel owing the telecom department Rs 92,000 and another 41,000 crore to Department of telecom(DoT). According to the court, Vodafone-Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government.

In November, Vodafone had recorded the biggest loss in corporate history with $7.13 billion in the second quarter till September as the company continued to bleed.

According to the TRAI, Vodafone-Idea and Bharti Airtel had lost 14.5 million and 15.1 million mobile subscribers in March last year. Interestingly, the customer base of Reliance Jio, owned by Mukesh Ambani was 306.7 million in March 2019, against 297.2 million as on February.

A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday.

A day after the Supreme Court rejected the review petitions filed byvarious telecom companies over the Adjusted Gross Revenue (AGR) case, Vodafone stocks sank thirty-nine per cent on Friday. Also Read: Telecom operators to pay Rs 92,000 crore as dues to telecom department Vodafone's share price collapsed 39 per cent to 3.65 rupees before it recovered to 4.60 rupees which weighed on the market with the Sensex shedding 0.16 per cent to 41,866.16 in morning trade. After the bloodbath, Vodafone shares closed 25.21 per cent lower at Rs 4.51 on the Bombay Stock Exchange(BSE). The Sensex, however, ended 12.81 points higher at 41,945.37, while Nifty closed 3.10 points lower at 12,352.40. Last year, India's top court had granted three months to telecom operators to clear their dues with top companies - Reliance, Bharti Airtel owing the telecom department Rs 92,000 and another 41,000 crore to Department of telecom(DoT). According to the court, Vodafone-Idea has to pay Rs 28,000 crore (license fees of Rs 6,900 crore and the balance is interest and penalty) over the next three months to the government. In November, Vodafone had recorded the biggest loss in corporate history with $7.13 billion in the second quarter till September as the company continued to bleed. According to the TRAI, Vodafone-Idea and Bharti Airtel had lost 14.5 million and 15.1 million mobile subscribers in March last year. Interestingly, the customer base of Reliance Jio, owned by Mukesh Ambani was 306.7 million in March 2019, against 297.2 million as on February.

Day after Supreme Court verdict, Vodafone stocks crash to record low

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US&nbsp;official that the United States and China are getting close to an interim trade pact.

White House economic adviser <a href="https://www.wionews.com/world/united-states-and-china-getting-close-to-trade-deal-white-house-economic-adviser-262183">Larry Kudlow </a>said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon.

That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%.

The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&amp;P BSE Sensex was 0.6% higher at 40,522.

"There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday.

<a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues.

Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September.

The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively.

Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact.

Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by a comment from a senior US official that the United States and China are getting close to an interim trade pact. White House economic adviser Larry Kudlow said the world's two largest economies were in close touch via telephone, and an agreement could be reached soon. That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.67%, Japan's Nikkei 0.76% and Australian shares by 0.8%. The NSE Nifty 50 index was up 0.5% at 11,922.70, as of 0413 GMT, while S&P BSE Sensex was 0.6% higher at 40,522. "There is some optimism coming in on a deal being brokered between the US and China," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Jain, however, cautioned the gains could be short-lived as domestic lenders may soon come under pressure due to their exposure to telecom services provider Vodafone Idea, which posted huge losses on Thursday. Vodafone Idea on Thursday reported the biggest quarterly loss in India's corporate history after making provisions for outstanding government dues. Rival Bharti Airtel reported a consolidated net loss of 230.45 billion rupees ($3.23 billion) in the three months to September. The Nifty public sector undertaking and metal stocks led gains, rising 3% and 0.5%, respectively. Miner Vedanta Ltd posted a surge in September quarter net profit, sending share up 1%.

Sensex, Nifty rise in early trade amid hopes of US-China trade deal

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

The S&amp;P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in <a href="https://www.wionews.com/business-economy/vodafone-idea-makes-7-billion-loss-after-provisions-for-government-dues-262176">Vodafone Idea </a>Ltd and over 7% gain in Bharti Airtel Ltd.

The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months.

As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money.

"Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking.

"The government will have to provide some relief, and stocks are gaining on these expectations."

CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set.

Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government.

Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy."

Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options.

Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees.

The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country. The S&P BSE Telecom index jumped as much as 8.2%, led by a more than 10% surge in Vodafone Idea Ltd and over 7% gain in Bharti Airtel Ltd. The Supreme Court last month upheld a demand by the telecoms ministry that wireless carriers pay 920 billion rupees ($12.89 billion) in overdue levies and interest within months. As two of the country's top three carriers, Vodafone Idea and Bharti Airtel will have to pay a bulk of that money. "Vodafone closing will be a big negative for international investors at a time when the government is trying to attract more foreign investment," said Asutosh Mishra, head of research of institutional equities at Ashika Stock Broking. "The government will have to provide some relief, and stocks are gaining on these expectations." CNBC-TV18, citing sources, said the Department of Telecommunications (DoT) was going to begin consultation on "floor prices" for phone calls and data usage, as well as to make suggestions on the quantum of minimum charges to be set. Ambit Capital analyst Vivekanand Subbaraman said the government had swung into action and it could not afford to let the companies go bust, adding the majority of Vodafone Idea's about 1.02 trillion rupees ($14.30 billion) debt was owed to the government. Embattled Vodafone Idea, made up of the local unit of Vodafone Group Plc and billionaire Kumar Mangalam Birla's Idea Cellular, said on Thursday its "ability to continue as a going concern is dependent on obtaining the relief from the government... and positive outcome of the proposed legal remedy." Airtel Chief Executive Officer Gopal Vittal said the company would continue to engage with the government to explore its options. Telecom providers in India pay the DoT nearly 3%-5% of their adjusted gross revenue (AGR) in usage charges for spectrum or airwaves and 8% of AGR as licence fees. The DoT and mobile carriers have been at odds over the definition of AGR. These companies argue that AGR should comprise just revenue accrued from core services, while the DoT says AGR should include all revenue.

Airtel, Vodafone Idea shares jump on hopes of govt help