Vodafone Idea To Hold Conference Call On Sept. 23 After AGR Setback
A curative plea was rejected by a three-judge bench and is the final nail in the coffin in as much as any reconsideration of the AGR case is concerned.
(A Vodafone Idea store in Mumbai. Photo: Usha Kunji/NDTV Profit)
Vodafone Idea Ltd. announced on Friday that it would hold a conference call on Sept. 23 to give an update on its current situation after the Supreme Court's verdict on the adjusted-gross-revenue dues case dealt a blow to the company.
Chief Executive Officer Akshaya Moondra and Chief Financial Officer Murthy Gvas will be participating in the press conference, the company said through an exchange filing.
VIL, Bharti Airtel Ltd. and other telecom firms had filed curative pleas against the 2019 top court verdict in the case. The telecom operator alleged that there was a grave error in the calculation of AGR dues by the Department of Telecommunications, coupled with an arbitrary penalty imposed on them by the top court.
The curative plea was rejected by a three-judge bench, led by Chief Justice of India DY Chandrachud, and is the final nail in the coffin in as much as any reconsideration of the AGR case is concerned.
VIL's target price was slashed by brokerages as they factored in the negative impact of the Supreme Court dismissing the telecom firms' plea to reconsider calculation of AGR dues. While Citi holds a 'buy' rating, Nuvama maintains a 'hold'.
Shares of VIL stock closed 0.87% higher at Rs 10.47 per share on the NSE, compared to a 0.06% advance in the benchmark Nifty. The share price has fallen 4.82% in the last 12 months and 38.41% on a year-to-date basis.
Out of 22 analysts tracking the company, five have a 'buy' rating on the stock, three recommend 'hold' and 14 suggest 'sell', according to Bloomberg data. The average of 12-month consensus price target implies a potential upside of 11.1%
