Vodafone Idea’s share price crashed as much as 15% in intraday trade to hit its lower circuit in intraday trade on the BSE on Wednesday, 31 December, after reports suggested the government was planning to freeze AGR (Adjusted Gross Revenue) dues at ₹87,695 crore. Vodafone Idea shares opened at ₹12.14 against their previous close of ₹12.07 and crashed 15% to their lower price band of ₹10.26.
The stock saw a sudden sharp decline after media reports suggested the Union Cabinet on Wednesday froze the AGR dues at ₹87,695 crore.
“The Union Cabinet on Wednesday approved a relief package for debt-laden Vodafone Idea, freezing the AGR (Adjusted Gross Revenue) dues at ₹87,695 crore and rescheduling the payment from FY32 to FY41,” PTI reported, quoting sources.
The PTI report further added that the sources indicated the “Telecom Department will also reassess the AGR dues frozen based on the Deduction Verification Guidelines and audit reports.”
Furthermore, sources told PTI that Vodafone Idea will be liable to pay the AGR dues for FY18 and FY19, which were already finalised by the Supreme Court’s 2020 order, over FY26 to FY31, without any change.
As Mint reported earlier, in October, the Supreme Court allowed the government to reassess Vodafone Idea’s adjusted gross revenue (AGR) dues stood at ₹83,400 crore as of the end of March 2025.
Following the Supreme Court order, the Department of Telecommunications (DoT) had begun the process of recalculating Vodafone Idea’s AGR dues. The Mint report suggested analysts were expecting the company’s AGR liability to come around ₹40,000 crore after the reassessment.
The company has roughly ₹2 trillion in total government dues, of which ₹1.17 trillion relates to spectrum payments rather than AGR.
Mint report quoted brokerage firm Ambit Capital stating that Vodafone Idea will face deferred spectrum payments of ₹17,400 crore in FY28. Even assuming a 15% tariff hike across the industry in the January–March period, the company is unlikely to generate sufficient cash to meet this obligation.
Earlier this month, the company raised ₹3,300 crore through secured non-convertible debentures, or NCDs.
Vodafone Idea share price trend
Vodafone Idea share price has gained about 35% this year so far, hitting a 52-week high of 12.80 today, i.e., 31 December. It hit a 52-week low of ₹6.12 on 14 August.
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