Shares of loss-making Vodafone Idea rose as much as 12%, after media said the di...
) rose as much as 12%, after media said the distressed Indian telecom operator would pay some of its staggering government dues of $3.9 billion on Monday, to avoid violating court orders.
On Friday, India ordered mobile carriers to immediately pay nearly $13 billion in dues after the Supreme Court threatened the companies and officials with contempt for failing to implement an earlier ruling. The shares of the company, which fell more than 24% percent after Friday’s ruling, recovered on Monday to trade up 15% by mid-morning.
“The Supreme Court’s major contention was that there was no intent by telcos to pay the dues,” he added. “It was after that the company made a self-assessment and made an announcement on Saturday and we had the reports later.”Vodafone Idea would pay off part of the dues owed in licensing and spectrum fees on Monday.
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