Vodafone Idea shares rally 22% in a month on AGR due relief hopes. Is turnaround real?

Vodafone Idea (Vi) shares have staged a sharp recovery, rising over 22% in the past month from a low of ₹9.99 to a fresh 52-week high of ₹12.20 on Tuesday. The rally comes as investors latch onto optimism surrounding a potential relief package on the company’s long-pending adjusted gross revenue (AGR) dues, a key overhang that has troubled the telecom operator for years.

Although the AGR issue is not new, recent developments have rekindled hopes of resolution.

The government is reportedly considering offering Vi an interest-free moratorium of 4–5 years on over ₹83,000 crore of statutory dues. A reassessment of liabilities could even halve the payable amount, and a secretary-led committee is expected to review the final settlement.