Vodafone Idea shares fall 5% after telco denies report on govt mulling AGR dues waiver

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26 Aug, 2025 12:21

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Shares of Vodafone Idea (Vi) dropped around 5 percent on January 21 after the telecom giant issued a clarification over a news report which stated that the government is mulling a waiver of Rs 1 lakh crore worth of AGR dues of telecom companies.

After opening at Rs 9.94 apiece, the shares plunged around 6 percent to hit an intraday low of Rs 9.37 apiece so far. The shares, later, marginally recovered some losses and were trading 5 percent lower at Rs 9.45 at the time of writing.

The Economic Times on January 18 (Saturday) reported that the government is considering a proposal to waive off major chunks of Adjusted Gross Revenue (AGR) dues, which were levied on telcos like Vodafone Idea and Bharti Airtel. The report said the proposal was aimed to waive 50 percent of interest and 100 percent of penalties and interest on penalties.

Following the report, Vodafone Idea shares rallied on January 20 (Monday). They rose as high as 15 percent to hit an intraday high of Rs 10.47 apiece. The shares later pared some gains and closed at Rs 9.11 apiece.

In an exchange filing released on January 20, Vodafone Idea reacted to the share price movement following the report. "We have not received any communication from the Government in relation to the above reported matter. As and when there is any development which requires disclosure, we will do the needful," the company wrote.

The Supreme Court in 2019 had upheld the government's definition of AGR and had ordered telecom companies to pay Rs 1.47 lakh crore dues, including Rs 92,642 crore in licence fees and Rs 55,054 crore in spectrum usage charges. Notably, 75 percent of these dues comprised interest, penalties, and interest on penalties.

Also read: After telcos, govt working on relief package for non-telcos' AGR dues

The telecom companies later filed pleas requesting re-computation of AGR dues due to "grave" error in the calculation of dues by the department of telecommunication. The top court however has denied the pleas multiple times now.