Vodafone Idea shares in focus as telco files fresh plea in AGR case

Shares of Vodafone Idea Ltd. will be in focus on Wednesday, September 10, after the debt-laden telecom operator filed a fresh plea in the Supreme Court in connection with the Adjusted Gross Revenue (AGR) case.

In its latest move, Vodafone Idea is challenging the computation of AGR dues and has sought the Court's permission to allow a re-evaluation of the amount owed. The company's legal team is also expected to push for an early hearing in the matter.

The development comes shortly after Minister of State for Communications Chandra Sekhar Pemmasani ruled out any additional relief for the financially stressed telco.

In an exclusive interaction with CNBC-TV18, Pemmasani said that the government is not considering any further support package for Vodafone Idea.

"Whatever we wanted to do has already been done," Pemmasani said, referring to the 2021 relief package under which nearly ₹53,000 crore of the company's dues were converted into government equity. That conversion gave the Centre a 49% stake in the telecom operator, making it the largest shareholder.

"Vodafone is up to their management. They are all business people. They know how to manage. It's up to them how they want to take it forward," he added.

Separately, on July 2, Telecom Minister Jyotiraditya Scindia had also confirmed to CNBC-TV18 that the government has no intention of converting Vodafone Idea into a public sector undertaking (PSU).

On Tuesday, shares of Vodafone Idea closed 0.41% lower at ₹7.26. However, the stock has gained around 11% over the last five trading sessions.