Vodafone Idea shares slide 7% to 52-week lows after DoT notice on bank guarantees

Shares of Vodafone Idea plummeted over 7%, trading at Rs 8.90 on the National Stock Exchange (NSE) today, following a notice issued by the Department of Telecommunications (DoT) regarding the company’s failure to pay required bank guarantees for past spectrum auction dues.

DoT Issues Notice for Non-Compliance

The DoT’s notice highlighted Vodafone Idea’s non-compliance in submitting the necessary bank guarantees linked to spectrum auction payments. This development occurs as the DoT engages with the finance ministry to discuss the potential waiver of the bank guarantee requirement, although no definitive decision has been reached.