Shares of Vodafone Idea plunged some 44% after the court threatened to jail heads of companies. FMTNews Vodafone India Bankcrupt
NEW DELHI: India’s top court ruled out a reassessment of US$19 billion in past dues to be paid by telecom companies, a move that could send indebted carrier Vodafone Idea Ltd into bankruptcy.
Shares of Vodafone Idea plunged as much as 44% after the court threatened to send heads of telecom companies to jail if dues were not paid as per its previous order. Bharti Airtel Ltd fell over 5%. While the government said its plan was aimed at helping the broader industry and not just Vodafone Group Plc’s local venture, the latest setback particularly deals another gut punch to the beleaguered carrier.
It also comes as a disappointment to rival Bharti Airtel, the other survivor of a brutal price war sparked by the entry of billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd in 2016.
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