Telecom companies, Bharti Airtel as well as Vodafone Idea are among the top losers on the BSE. Bharti Airtel fell 6% to hit an intraday low at Rs.437.70 and Voda Idea is down 6% at Rs.9.64.
On Monday, DoT had stated that, following the Supreme Court’s ruling, telco’s will have to pay 10% of the pending AGR dues by 31st March’20. This 10% is expected to be to the tune of Rs.12,921 crore of which 80% will comes from Bharti and Voda.
For Voda Idea, the total demand from DoT is Rs.58,254 crore and company’s self assessment is Rs 21,533 crore. The amount paid is Rs 3500 crore and the balance due is Rs 54,754 crore.
In case of Bharti Airtel, the total demand is Rs 43,980 crore and the self assessment amount is Rs 13,004 crore. An amount of Rs 18,004 crore and the balance due is Rs 25,976 crore.
Both the companies have stated that they have already paid more than 10% as demanded and now they are liable to make the next payment only in FY22. DoT is considering taking legal opinion on the issue.