Bharti Airtel, Idea Cellular, Reliance Communications shares fall on government notice

By: |
New Delhi | Updated: July 8, 2016 11:51:02 AM

Shares of telecom majors Bharti Airtel, Idea Cellular and Reliance Communications plunged up to 4.15 per cent in the morning trade on Friday

telecom stocks nse nifty bse sensexShares of telecom majors Bharti Airtel, Idea Cellular and Reliance Communications plunged up to 4.15 per cent in the morning trade on Friday (Reuters)

Shares of telecom majors Bharti Airtel, Idea Cellular and Reliance Communications plunged up to 4.15 per cent in the morning trade on Friday after the Department of Telecommunication said that it is in process of issuing notices to six telecom operators for combined payment of Rs 12,000 crore for understatement of revenue between 2006-07 and 2009-10.

At 11.40 am, Bharti Airtel shares were trading 2.49 per cent down at Rs 354.25. The scrip opened at Rs 363 and has touched a high and low of Rs 363 and Rs 353.20, respectively, in trade so far.

Idea Cellular shares were trading 3.10 per cent down at Rs 101.65. The scrip opened at Rs 104.75 and has touched a high and low of Rs 104.75 and Rs 100.55, respectively.

Reliance Communications were trading 1.81 per cent down at Rs 51.50 at the same time.

The report points out a shortfall of Rs 5,000 crore of License Fee and Spectrum Usage Charge and Rs 7,000 crore of interest. The six service providers are Bharti Airtel, Vodafone, Aircel, Reliance, TATA and Idea Cellular,” the statement said.

DoT said the demands raised from this exercise will be recovered with due interest and penalty as applicable under license agreements.

(With agency inputs)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.