Bharti Airtel drops 3% as firm defers Q2 results
In a filing to the BSE, the company said it seeks more clarity on SC judgement on the adjusted gross revenue (AGR).
Following the development, the scrip fell 3.6 per cent to hit a low of Rs 359.20 on BSE.
In a filing to the BSE, the company said it seeks more clarity on SC judgement on the adjusted gross revenue (AGR). The Sunil Bharti Mittal-led company said it is approaching DoT “to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome.”
The apex court had last week sided with the government’s definition of AGR, that all revenue from telecom companies’ will be used for calculating the AGR, which is a percentage of total revenue. The court rejected argument of carriers that the AGR only included license and spectrum fees.
Airtel is liable to pay Rs 21,700 crore.
“Please be informed that the management of the company recommended to the board of directors that the agenda item related to the approval of audited financial results for the second quarter (Q2) and half year ended September 30, 2019 which was to be a part of the Board meeting today be deferred till November 14, 2019,” the company said in a BSE filing.
“The Board of Directors, in its meeting held today, has accepted the management's recommendation and deferred the agenda item relating to the approval of the said financial results till Thursday, November 14, 2019,” it said.
The telecom operator said that all other agenda items will be taken up by the board in the meeting to be resumed on Tuesday in the ordinary course.
The shares of the company closed 3.41 per cent lower at Rs 359.95 on BSE.