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New Delhi: Vodafone Idea’s (Vi) stock dropped to a new 52-week low of Rs 9.46 on Tuesday, May 20, 2025. This came after a steep 12 per cent fall in just two trading days. Heavy trading volumes were seen, with nearly 828 million shares changing hands on NSE and BSE.

The drop followed the Supreme Court’s decision to reject pleas from telecom firms including Vi, Bharti Airtel, and Tata Teleservices. These companies had asked for a waiver on old dues related to adjusted gross revenue (AGR).

Supreme Court Rejects Relief Plea

On May 19, Vi informed the exchanges that the Supreme Court refused to hear its request for relief in the AGR matter. The company had hoped to get help with interest, penalties, and fines related to its AGR dues.

This ruling has worried market experts. Analysts say Vi may not survive beyond financial year 2026 unless it receives major support from the government. Some even fear the company may go bankrupt.

Government Support Crucial for Vi

Earlier, on March 29, 2025, the Indian government converted Rs 36,950 crore of Vi’s spectrum dues into equity. This made the government the largest public shareholder, with a 48.99 per cent stake. Still, the company is run by Vodafone UK and Aditya Birla Group.

Rating agencies like CARE and ICRA believe the government may continue to support Vi to help it recover. However, further relief is uncertain, especially after the court’s decision.

Huge Dues Still Pending

Vi still has to pay around Rs 74,000 crore in spectrum and AGR dues between FY2026 and FY2028. This includes Rs 16,500 crore in AGR dues that Vi is trying to get relief on. The company’s ability to stay afloat now depends heavily on timely help from the government.