Telecom stocks hang up

about 23 days ago
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Not a good day for the telecom stocks again. Vodafone Idea fell 40% to Rs.2.91; Bharti Airtel fell over 5% to Rs.431.25; Bharti Infratel slipped almost 17% to hit  a new low at Rs.161.75.

The stocks fell after the Supreme Court said that self-assessment of the adjusted gross revenue (AGR) dues by the DoT would tantamount to contempt of court.

DoT had put in a plea seeking to allow telecom operators to make a staggered payment of their AGR dues.

A Bench of Justices Arun Mishra and M R Shah, hearing the DoT plea in the AGR matter, said if SC allowed a plea like this, it would also become party to a fraud.

The matter has now been deferred to be heard again after two weeks.

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