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.

Telcos moved Supreme Court claiming that there were multiple errors in the computation amounting to over Rs 92000 crores.

Vodafone (LON: VOD) share price retreated by over 2% in London and by 0.50% in the US pre-market session on Thursday. It fell to a low of 76.32p, down from this week’s high of 79.50. Still, it is one of the best-performing companies in the FTSE 100 index as it jumped by 30% from its

The court upheld the earlier decision, thereby reinforcing the obligation of telecom companies to pay their AGR dues.

Curative petitions are rare and generally considered only when there is substantial miscarriage of justice,” said Ankit Rajgarhia, principal associate, Karanjawala & Co. Cash-strapped Vodafone had reported a debt of Rs 2.

The stock price of Vodafone Idea and Indus Tower plunged 15 per cent and 10 per cent respectively after the apex court dismissed telecom firms’ request to recalculate their adjusted gross revenue (AGR) dues.

Vodafone Idea and Indus Towers shares tumbled after the Supreme Court dismissed their pleas seeking correction of alleged errors in the adjusted gross revenue (AGR) calculation.

Vodafone Idea stocks fell 21% to ₹10.69 at 12.15 p.m. on September 19, from the day’s open of ₹12.99 as Supreme Court rejected the company’s curative petition on Adjusted Gross Revenues (AGR) dues. The three-judge Bench ruled that there was no ground for a curative petition against the court’s decision.

Vodafone Idea shares plunged 20% after the Supreme Court rejected its plea to recalculate AGR dues. Analysts believe the company will need to raise funds to repay the dues. Competition and tariff hikes may further impact Vodafone Idea's survival.

Supreme Court rejects telecom companies' plea to recalculate licence fees, leading to stock price drops for Vodafone Idea and Indus Towers.