Vodafone Idea Shares Plummet After Supreme Court Verdict

Shares of Vodafone Idea took a nosedive on Monday, losing nearly 9% in value after the Supreme Court dismissed pleas from telecom giants seeking a waiver on adjusted gross revenue (AGR) dues. As a result, Vodafone's stock price slumped significantly, settling at Rs 6.73 on the Bombay Stock Exchange.

The telecom company's market capitalization suffered a major blow, eroding by Rs 6,933.95 crore, now standing at Rs 72,914.86 crore. Other telecom shares also felt the ripple effect, with Indus Towers falling 2.87% and Tata Teleservices down by 0.46%.

The Supreme Court, critiquing the petitions from Vodafone, Airtel, and Tata Teleservices, dismissed them as 'misconceived.' The bench expressed surprise and disappointment at the multinational companies' requests, stating there is no need to interfere with governmental attempts to assist the telecom sector.

(With inputs from agencies.)