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Shares of telecom companies such as Bharti Airtel, Idea Cellular and Reliance Communications were trading mixed, erasing most of their early noon gains, after the Supreme Court on Wednesday struck down compensation policy for call drops levied by the Telecom Regulatory Authority of India (TRAI).
The operators had challenged the compensation of Rs 1 for every call drop, limited to a maximum of three such calls per day. Following an adverse judgement against them in the High Court, telcos approached the Supreme Court which stuck it down today, calling the Trai order "arbitrary and unconstitutional" as well as "illegal and not transparent", the Business Standard report suggests.CLICK HERE TO READ FULL REPORT.
At 12:11 pm, Bharti Airtel was down 1% at Rs 366, falling 3% from its intra-day high. The stock bounced back almost 6% from its intra-day low of Rs 358 and hit high of Rs 378 after SC verdict.
Idea Cellular was trading flat at Rs 113, declining 3.4% from its intra-day high of Rs 117 on the BSE. The stock hit an intra-day low of Rs 110 before the verdict.
Reliance Communications however was trading marginally 0.45% higher at Rs 55.85. The stock hit high of Rs 57.35 and low of Rs 53.85 so far.
The operators had challenged the compensation of Rs 1 for every call drop, limited to a maximum of three such calls per day. Following an adverse judgement against them in the High Court, telcos approached the Supreme Court which stuck it down today, calling the Trai order "arbitrary and unconstitutional" as well as "illegal and not transparent", the Business Standard report suggests.CLICK HERE TO READ FULL REPORT.
At 12:11 pm, Bharti Airtel was down 1% at Rs 366, falling 3% from its intra-day high. The stock bounced back almost 6% from its intra-day low of Rs 358 and hit high of Rs 378 after SC verdict.
Idea Cellular was trading flat at Rs 113, declining 3.4% from its intra-day high of Rs 117 on the BSE. The stock hit an intra-day low of Rs 110 before the verdict.
Reliance Communications however was trading marginally 0.45% higher at Rs 55.85. The stock hit high of Rs 57.35 and low of Rs 53.85 so far.
