Vodafone Idea shares crashed over 11 per cent on Thursday, hitting an intraday low of ₹8.21, after the Supreme Court’s detailed written order dampened hopes of comprehensive relief on adjusted gross revenue dues. The stock opened at ₹9.25 against the previous close of ₹9.36 and has now lost 16 per cent over the past three trading sessions.

The pessimism stemmed from the Supreme Court’s written judgment, which clarified that its ruling applied solely to Vodafone Idea, given the specific facts and circumstances of the case. The court’s order allows the central government to revisit only the additional AGR demand raised against Vodafone Idea for the period up to FY2016-17, based on the government’s 49 per cent equity stake in the company and the large subscriber base potentially impacted.

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