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Vodafone Idea (Vi) shares came under pressure in early trade on Monday, October 6, as investors turned cautious ahead of a crucial Supreme Court hearing on the company’s adjusted gross revenue (AGR) case. The telecom stock slipped as much as 4.53% to Rs. 8.37 per share on the BSE, extending last week’s volatility.
Vodafone Idea shares were trading 4.19% lower at Rs. 8.46 apiece, as market participants awaited the outcome of the hearing, which could have significant implications for the financially stressed telecom operator.
The Supreme Court is scheduled to hear Vodafone Idea’s plea seeking to quash the Department of Telecommunications’ (DoT) demand of Rs. 9,450 crore in additional AGR dues for the period up to 2016-17. The company argues that the demand exceeds the scope of the court’s earlier judgment on AGR liabilities and should therefore be annulled.
The hearing was previously deferred from September 26, after the Solicitor General Tushar Mehta, representing the DoT, sought more time to respond. During the last proceeding, Vodafone Idea did not oppose the government’s request for an extension.
On September 19, the Centre informed the Supreme Court that it did not oppose the company’s petition but stressed the need for a final resolution, especially since the government now holds a 49% equity stake in Vodafone Idea following the conversion of interest dues into shares. Despite this, the Centre is not classified as a promoter.
The court, recognizing the complexity of the issue, has already reiterated the significance of putting the long-standing AGR issue to rest, which continues to weigh over India's telecom industry.
In another development, Vodafone Idea named Tejas Mehta as the company’s new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) on October 6, 2025. Mehta succeeds Murthy GVAS, who departed on October 5, 2025. This change comes at a critical time for the telecom major as it is trying to stabilize its financial position and attract new capital.
Despite the recent decline, Vodafone Idea shares have delivered strong short-term gains, rising 17% in the past month and 15% over three months.
The stock is up 7% in six months and 6% on a year-to-date basis. However, on a longer timeline, the telecom counter remains under pressure, down 14% in one year and 23% over the past two years.
Analysts say the outcome of the AGR hearing will be key to Vodafone Idea’s recovery. A positive decision could relieve pressure on finances and improve investor confidence, while an adverse ruling could extend uncertainty. For now, the stock is trading in a range as traders look for clarity on the case and the company's funding plan.
