Mumbai: Vodafone Idea’s share price nearly doubled during the past week in expectation of a government relief package for the struggling telecom sector. Some relief did arrive but not enough to prevent a rating downgrade, which is set to hurt its stock’s stellar show.
Despite a relief by the government in the form of a two-year moratorium on spectrum-related dues which is tantamount to Rs 42,000 crore financial support to the stressed sector, Crisil on Friday (after market hours), downgraded Vodafone Idea’s rating on Non-Convertible Debentures of Rs 3,500 crore.
Vodafone Idea’s share price had almost doubled and closed at Rs 6.55 apiece on Friday.
However, Bharti Airtel, Vodafone Idea Ltd and Tata Teleservices on Friday individually filed review petitions in Supreme Court on the recent AGR verdict seeking waivers on penalties and interest. Earlier the court ordered them to pay around Rs 92,000 crore to the Centre in the ADR case. (IANS)
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