Shares of Vodafone Idea fell by more than 23% on Friday after India’s apex court ordered the country’s second-largest telecom operator and Airtel, the third-largest telecom network, to arrange and pay billions of dollars in dues in a month.
In a strongly worded judgement, the Supreme Court rejected telecom networks’ application to defer paying historic $13 billion levies to the government. “This is pure contempt, 100% contempt,” Justice Arun Mishra told lawyers.
The order today, which may result in U.K. telecom giant Vodafone’s local joint venture’s collapse, saw Vodafone Idea’s shares plunge by 23.21%. Vodafone Idea had more than 336 million subscribers as of November last year, according to official figures (PDF).
The company did not respond to a request for comment.
The Supreme Court’s order