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Vodafone-Idea Stock Prices Tumble 15 Per Cent, Hits 52-Week Low After SC Orders Telecos To Clear Rs 92,000 Crore Dues
Idea and Vodafone merger was one of the high profile case (via Twitter)
Shares of Vodafone Idea plunged for the second consecutive day falling over 15 per cent to touch a 52-week low of Rs 3.66 per share.
The fall comes on the back of a Supreme Court order on Thursday (24 October) asking telcos, including Bharti Airtel and Vodafone-Idea, to pay the government as much as Rs 92,000 crore in dues, which includes penalties and interest.
Shares of Vodafone idea fell as much as 27 per cent on Thursday.
Its stocks, however, trimmed losses and at 11 am, it was trading at Rs 4.09, lower by 5.54 per cent from its previous close.
Shares of Bharti Airtel were also in the red, although they did not suffer major losses on Friday and were trading at Rs 370.35, lower by Rs 2.10 or 0.56 per cent from their previous close.
Although the decision is likely to impact both the major telecom players, experts say, the heat would be felt more by Vodafone-Idea owing to its weak financial condition.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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