Vodafone Idea share price tanks 15% on Rs 7,023 crore loss in Jan-Mar quarter of FY21

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Updated: July 01, 2021 10:06 AM

Vodafone Idea share price on 1 July 2021, tumbled 15 per cent to Rs 8.46 apiece on BSE after the telecom operator posted a loss of Rs 7,023 crore during the January-March quarter

That would be damaging for an increasing number of businesses and individuals that now depend on the internet for their survival.That would be damaging for an increasing number of businesses and individuals that now depend on the internet for their survival.

Vodafone Idea share price on 1 July 2021, tumbled 15 per cent to Rs 8.46 apiece on BSE after the telecom operator posted a loss of Rs 7,023 crore during the January-March quarter. In comparison, domestic equity market benchmarks BSE Sensex and Nifty 50 were trading flat. So far in the session today, Vodafone Idea hit a day’s high of Rs 9.44 and low of 8.46 apiece. In traded volume terms, over 5.70 crore shares of Vodafone Idea traded on BSE, while a total of 35.79 crore units exchanged hands on NSE on Thursday

Check live prices: Vodafone Idea

Vodafone Idea share price in last 10 days

Vodafone Idea shares have traded in a range of Rs 8.46-10.50 in the last 10 days. The telecom stock had hit a 52-week high of Rs 13.80, earlier this year, while a low of Rs 7.17 apiece on 16 July 2020. So far this calendar year, Vodafone Idea stock has fallen 37 per cent. According to data released by Telecom Regulatory Authority of India (TRAI), Vodafone Idea gained 10.8 lakh customers during March 2021 (compared to the previous month), as its customer base jumped to 28.37 crore. Vodafone Idea witnessed subscriber additions for two straight months after losing customers for around 16 months.

Vodafone Idea tops upload speed in May

The top five service providers constituted 98.82 per cent market share of the total broadband subscribers. Among these service providers were Reliance Jio (42.5 crore), Bharti Airtel (19.1 crore), Vodafone Idea (12.3 crore), TRAI said. Moreover, Reliance Jio continued to maintain leadership in 4G segment with 20.7 megabit per second average download speed, while Vodafone Idea topped the chart in upload segment with 6.7 mbps data speed in May. This was the first time when TRAI clubbed a network speed of Vodafone and Idea after their merger in August 2018, according to PTI.

Vodafone Idea AGR dues stand at Rs 58,254 crore

Last year in September, the Supreme Court had ordered that the telecom companies need to pay their dues over a 10-year period, after paying 10 per cent of the dues upfront by March 31, 2021. Thereafter, the deferred payment cycle would run till 2031 with the 10 per cent amount to be paid by March 31 every year. However, none of the three companies — Bharti Airtel, Vodafone Idea and Tata Teleservices — paid the 10 per cent of the due amount on March 31, 2021. The total dues of Vodafone stood at Rs 58,254 crore and it had paid Rs 7,854 crore. All the three telecom operators had petitioned the apex court seeking modification of its order so that DoT can consider their submissions regarding arithmetical errors in the calculations regarding the AGR dues.

Vodafone Idea in its petition had stated that the calculations made by DoT had errors like double counting, not considering payments already made, not adjusting for interconnect payments, etc. It had said that the excess demand due to these errors is to the tune of Rs 5,932 crore of principal amount, which would have an overall impact of over four times on the total principal amount due to imposition of interest, penalty and interest on penalty.

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