(Bloomberg) -- Shares of Indian wireless carriers plunged on Thursday after the country’s top court rejected the firms’ request to re-calculate about $13 billion of past dues that they owe to the government.
The companies had filed a curative petition to the court contending that the telecom department had wrongly computed the amount. The petition was the final avenue to seek a revision of the top court’s earlier ruling asking the telecom companies to pay their dues.
Mobile service provider Vodafone Idea Ltd. and network-infrastructure firm Indus Towers Ltd. were among the biggest decliners. Vodafone Idea’s shares plunged 20% and closed below their follow-on offer price of 11 rupees apiece. This was their biggest single day slide since January 2022. Indus Tower ended 9% lower while Bharti Hexacom Ltd. declined 1.6%.
(Updates closing stock prices.)
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