Vodafone Idea shares jump over 7 pc

New Delhi Sep 19 (PTI) Shares of Vodafone Idea Ltd (VIL) surged over 7 per cent on Friday after the Supreme Court agreed to hear on September 26 a plea of the telecom major seeking quashing of the additional adjusted gross revenue (AGR) demands for the period until 2016-17.

The stock jumped 7.13 per cent to settle at Rs 8.41 apiece on the BSE. During the day, it surged 12.35 per cent to Rs 8.82.

On the NSE, it climbed 7.14 per cent to Rs 8.40.

A bench comprising Chief Justice B R Gavai and Justices K Vinod Chandran and NV Anjaria was hearing the fresh plea of VIL against the Department of Telecommunications' (DoT) fresh demand of Rs 5,606 crore relating to the financial year 2016-17.

VIL has said that the dues had already been "crystallised" by the 2019 AGR judgment, and could not be reopened.

Solicitor General Tushar Mehta, representing the Centre, sought an adjournment, pointing out that efforts were underway to arrive at a resolution with the company.

He said the government held nearly 50 per cent equity in Vodafone Idea, making it a direct stakeholder in the operator's survival.

"Some solution may have to be found out, subject to your lordship's approval. If it can be kept next week, we can think of some solution," the law officer said. PTI SUM SUM SHW