The saga of Vodafone Idea only continues to get worse. After a losing streak yesterday, today within moments of opening, it slipped to a 52-week low at Rs.2.90. It has a 25% LC and it stands today at Rs.2.78.
Bharti Airtel too is down in the red at Rs.354.55, going down over 3.75%.
As directed by the Supreme Court, the DoT has issued notice to telecom operators to pay their revenue share dues within three months, giving them the option to clear all the dues on self-assessment basis.
As per the estimates, the total money due is Rs.1.33 lakh crore of which the highest to be paid is of Bharti at Rs.62,188 crire, Vodafone Idea at Rs.54,184 crore, BSNL+MTNL to pay Rs.10,675 crore, Rcom needs to pay Rs.32,403 crore and Aircel Rs.943 crore.
And Vodafone, after refuting rumours earlier of planning to quit India, ignited the same fire again when on November 12, the British conglomerate stunned the world by negating its own statement of October 31, stating that its India business was on the brink of collapse. Chief executive Nick Read told the media in London after the company’s half-yearly results that Vodafone’s India unit could be headed for liquidation unless it got relief from the government in terms of waiver in taxes and penalties.