Vodafone-Idea share price fell around 15 per cent during the intraday trade on Wednesday, after a report suggesting that the Union Cabinet has likely approved an adjusted gross revenue (AGR) relief package for the debt-laden telecom operator.
The telecom stock opened in positive territory at 12.16 per share on NSE against last session's closing of Rs 12.06; however, post the news surfaced, the Vodafone-Idea share plummeted over 15 per cent to hit an intraday low at Rs 10.25 per share at around 2:33 PM.
Govt To Give Relief To Vodafone-Idea
As part of the relief measures, the Cabinet has reportedly approved a five-year freeze on Vodafone Idea's Adjusted Telecom Revenue (AGR) receivables.
The freeze on Vodafone Idea's AGR receivables, which amount to Rs 87.695 billion, will significantly ease the pressure on the company's balance sheet.
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According to media reports, the repayment of these receivables will be rescheduled between fiscal years 2032 and 2041.
As per the reports, the Ministry of Communications would reassess the frozen receivables based on audit reports, while Vodafone Idea would repay the AGR receivables corresponding to fiscal years 2018 and 2019 over the next five years.
Idea Share Price History
Following today's loss, the stock fell over 15 per cent in the last 5 days; however, in a month, the telecom shares rose over 3 per cent, and in the last 6 months, they jumped over 37 per cent. This year to date, the Vodafone share price has escalated by around 28 per cent.
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Disclaimer: This news is for informational purposes only. This is not investment advice.