The Vodafone-Idea conglomerate , the biggest telecom company in India -is facing a heavy debt burden amounting to 4 billion US dollars(Approx:28,336 Crore rupees)which got sedimented as interest and penalties applicable on its licence fee .
The conglomerate filed a petition on Friday seeking a government waiver on its debt clinging on the apex court’s definition of adjusted gross revenue for telecom companies.The SC has supported the government on its policy that adjusted Gross revenue“has financial implications and represents a significant event with respect to the company”.
Vodafone Idea’s stock plunged to a 52-week low of Rs 3.66 on Friday before closing at Rs 4.11 on the BSE. The shares had plunged over 23% after the court’s ruling on Thursday.The company is heading to a bankruptsy if it encounters any sought of denials from the government.
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