Vodafone Idea slides almost 5% in 5 days: Here’s why

Vodafone Idea’s share prices extended the fall and the share price is now down close to 5% in 5 days. The company has missed the deadline for submitting a bank guarantee worth Rs 6,091 crore. It is for the shortfall in the 2015 spectrum auction dues.

The telecommunications department (DoT) instructed the company to either provide a bank guarantee or make a cash payment of Rs 5,493 crore by March 10. This update follows the Department of Telecommunications granting Vodafone Idea a waiver of Rs 24,800 crore in bank guarantees for spectrum auctions conducted in 2012, 2014, 2016, and 2021.