Vodafone Idea shares decline by 65% from its 52-week high, 87 mutual funds hold stake
Vodafone Idea have slumped by around 65% from its 52-week high of Rs 19.15 on BSE.
The stock had fallen 3.4% on Thursday after the Supreme Court of India granted telecom companies the right to claim credit for duties paid on parts such as tower components and green shelters.
This decision overturns a previous judgment by the Bombay High Court, which had classified these items as non-capital goods, thereby denying the companies cenvat credit for the duties paid.
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In 2014, the Bombay High Court ruled against telecom operators, stating that the items in question were not capital goods and did not qualify for Cenvat credit. The court held that these items performed independent functions and were not part of a unified capital asset. Additionally, towers affixed to the ground were classified as immovable property, making them ineligible for tax credits.
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