Beleaguered Indian wireless carrier Vodafone Idea will pay 35 billion rupees in telecom dues to the federal government by the end of this week, the company said on Monday.<\/p>\n\n\n\n
Hopes that Vodafone Idea could outlive the financial squeeze due to the outstanding dues payments helped its shares gain as much as 23.5%, their best intraday gain since Jan. 21, after dropping more than 24% on Friday.<\/p>\n\n\n\n
\u201cWhile there is a concern that Vodafone is against the wall, there is a slim hope that they will get through,\u201d said Siddhartha Khemka, head of research at Motilal Oswal Financial Services in Mumbai.<\/p>\n\n\n\n
The Indian government last week ordered mobile carriers to immediately pay billions of dollars in dues after the country\u2019s top court threatened the companies and officials with contempt proceedings for failing to implement an earlier ruling.<\/p>\n\n\n\n
Vodafone Idea, a venture between the Indian unit of Britain\u2019s Vodafone Group Plc and billionaire Kumar Mangalam Birla\u2019s Idea Cellular, said its board had approved a payment of 25 billion rupees to the government that would be made on Monday itself.<\/p>\n\n\n\n
Vodafone Idea also said its application on Monday to India\u2019s Supreme Court to direct the telecom department to refrain from taking \u201ccoercive steps\u201d to recover the dues was \u201cnot entertained\u201d.<\/p>\n\n\n\n
The company owes roughly $3.9 billion to the Indian government in dues, interest and penalties. The country\u2019s telecoms ministry did not respond to an email seeking comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Beleaguered Indian wireless carrier Vodafone Idea will pay 35 billion rupees in telecom dues to the federal government by the end of this week, the company said on Monday. Hopes that Vodafone Idea could outlive the financial squeeze due to the outstanding dues payments helped its shares gain as much as 23.5%, their best intraday […]<\/p>\n","protected":false},"author":1,"featured_media":80240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-80239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/80239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=80239"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/80239\/revisions"}],"predecessor-version":[{"id":80241,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/80239\/revisions\/80241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/80240"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=80239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=80239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=80239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}