Telecom stocks were trading mixed after the Supreme Court slammed the Department of Telecommunications (DoT) for not taking any action against the telecom companies on failing to repay AGR dues as ordered by the top court.

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While Vodafone Idea lost over 18 percent in intra-day deals to Rs 3.6 per share on the BSE, Bharti Airtel rose 4.5 percent to Rs 564.50 post the hearing.

Vodafone Idea rose 15 percent ahead of the hearing on Friday, but later fell over 43 percent from the day's high of Rs 5.25.

The Supreme Court also directed for contempt proceedings to be launched against telecom companies for violating the SC order. The top court will next hear the case on March 16.

The Supreme Court on January 17 had dismissed the petitions by the telecom firms to review its October verdict which rejected the telcos' definition of AGR and exposed them to payments of up to Rs 1.33 lakh crore. Vodafone Idea alone is staring at statutory dues of Rs 53,000 crore and the company has already warned of shutdown if no relief is given.

In the petitions, the companies had urged that the apex court revisit its judgment and amend it in any shape or form to grant them relief.

However, after the SC dismissed their pleas with no change in the January 23 deadline for payment of dues, the firms had filed a modification petition. This time, they did not dispute the amount but requested for more time to pay the same.

Both Bharti Airtel and Vodafone Idea, which are struggling to pay dues amid increasing losses, on January 23 — the deadline to pay dues — had written to the DoT urging it to wait for the SC order on fresh pleas, post which, the government decided to not take any actions against the companies on non-payment of dues.

First Published:Feb 14, 2020 10:23 AM IST