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India’s Vodafone Idea to pay 35 billion rupees in telecom dues this week, shares rise – Source Reuters Tech News

NEW DELHI (Reuters) – Beleaguered Indian wireless carrier Vodafone Idea (VODA.NS) will pay 35 billion rupees ($490 million) in telecoms dues to the federal government by Feb. 21, a lawyer for the company said on Monday.

FILE PHOTO: A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai, India March 20, 2017. REUTERS/Danish Siddiqui/File Photo

Hopes that Vodafone Idea could outlive the financial squeeze due to the outstanding dues payments helped its shares gain as much as 23.5% on Monday, their best intraday gain since Jan 21, after dropping more than 24% percent on Friday.

“While there is a concern that Vodafone is against the wall, there is a slim hope that they will get through,” said Siddhartha Khemka, head of research at Motilal Oswal Financial Services in Mumbai.

The company lawyer declined to be name as the matter is still in court.

The Indian government last week ordered mobile carriers to immediately pay billions of dollars…

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Source Reuters Tech News

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