Vodafone Idea shares crash 12% as Supreme Court’s written order on AGR dashes big relief hopes. Is the comeback story falling apart?

Vodafone Idea shares tumbled as much as 12.4% on Thursday to Rs 8.21 on the BSE, as the Supreme Court’s written order on the company’s adjusted gross revenue (AGR) dues narrowed the scope of relief that investors had been cheering earlier this week, wiping out much of the optimism surrounding the telecom operator’s long-awaited turnaround.

The written judgment, issued on Thursday, clarified that the Supreme Court’s 27 October order allowing the Centre to reconsider Vodafone Idea’s AGR dues pertains only to the peculiar facts and circumstances of the case and applies exclusively to the company. It also stated that the plea restricted its claim only to the additional AGR demand of Rs 9,450 crore, effectively limiting the review to that portion of the dues.