India has rejected a request by a unit of Vodafone Group Plc's to extend its mobile phone licenses in three key service areas, the operator said, escalating a feud between carriers and the government in the world's second-biggest mobile phone market.
India has rejected a request by a unit of Vodafone Group Plc's
The telecommunications ministry has asked Vodafone India Ltd and Bharti Airtel Ltd
The companies have challenged the auction in a court and stayed away from a bidding process that began last month.
Vodafone has previously said it believed it was entitled to an extension of licenses on terms that are mutually agreed and without having to bid in an auction.
"Vodafone is deeply disappointed with the summary rejection of its request for extension of licenses in Delhi, Mumbai and Kolkata service areas," the company said in a statement late on Friday.
A Bharti Airtel spokesman declined to comment on the status of the company's request seeking extension of permits.
Bharti Airtel stock price
On March 27, 2015, at 15:45 hrs Bharti Airtel was quoting at Rs 376.20, down Rs 22.5, or 5.64 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 299.80.
The company's trailing 12-month (TTM) EPS was at Rs 28.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 13.15. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.25.
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