Bharti Airtel shares drop nearly 5 percent as co defers Sept quarter results on AGR issue
Shares of Bharti Airtel on Tuesday fell nearly 5 per cent after the company deferred September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.
The scrip dropped 4.65 per cent to Rs 355.30 on the BSE.
On the NSE, it declined 4.82 per cent to Rs 355.10.
The company was earlier scheduled to approve and release its Q2 numbers on Tuesday.
"...the management of the company recommended to the board of directors that the agenda item related to the approval of audited financial results for the second quarter and half year ended September 30, 2019... be deferred till November 14, 2019, on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of... the Supreme Court," Airtel said in a regulatory filing.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.4 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
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