At 12:58 pm; Vodafone Idea
was trading 3.7 per cent higher at Rs 9.72, as compared to 0.53 per cent decline in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined around 647 million equity shares changing hands on the NSE and BSE so far, data shows.
According to Business Standard report, Vodafone Idea, the joint venture between Vodafone Group Plc and Aditya Birla Group, has defaulted on rental and energy payments for June to telecom tower companies.
According to a senior executive of a telecom tower firm, Vodafone Idea
cited payment of adjusted gross revenue (AGR) to the government and the resultant cash flow problems for the default. “The company usually pays its dues by 3rd of every month, but this month we have not received any money. Vodafone Idea’s dues to all telecom companies run into several hundred crores,” the executive said.