Mumbai: Shares in Vodafone’s Indian unit plunged almost 40 per cent on Friday after officials rejected its appeal against paying $4 billion in back fees, raising questions about the British giant’s future in the country.
Vodafone’s chief executive had in November already cast doubt about its continued presence in India after its local joint venture Vodafone Idea posted a record quarterly loss.
The same month Vodafone Idea and other firms in the beleaguered Indian telecom sector were ordered to pay a combined $13 billion in past spectrum and licence fees.
An appeal by Vodafone and Bharti Airtel, which was told to pay $3 billion, was rejected on Thursday, with the supreme court also refusing to allow the payments to be staggered. — Reuters
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