BENGALURU (Reuters) – Shares of loss-making Vodafone Idea (VODA.NS) rose as much as 12%, after media said the distressed Indian telecom operator would pay some of its staggering government dues of $3.9 billion on Monday, to avoid violating court orders.
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
On Friday, India ordered mobile carriers to immediately pay nearly $13 billion in dues after the Supreme Court threatened the companies and officials with contempt for failing to implement an earlier ruling.
On Saturday, the local arm of British telecom giant Vodafone Plc (VOD.L) said it proposed making a payment in the next few days.
The shares of the company, which fell more than 24% percent after Friday’s ruling, recovered on Monday to trade up 15% by mid-morning.
“While there is a concern that Vodafone is against the wall, there is a slim hope that they will…
Source Reuters Tech News