Vodafone Idea surged 13.60% to Rs 10.36 on reports UK telecom major Vodafone Group Plc on Friday won an international arbitration against the Indian government over retrospective tax demand of roughly Rs 20,000 crore.
According to reports, the Permanent Court of Arbitration in the Hague (Netherlands) ruled that the Indian government's imposition of a tax liability on Vodafone is in breach of the investment treaty agreement between India and the Netherlands.Vodafone is facing tax claims and interest totaling more than Rs 20,000 crore in India, including the tax for acquiring Hutchison's stake in 2007. In 2016, Vodafone Plc approached the International Court of Justice (ICJ) in the Hague to settle the tax dispute.
Vodafone Idea, a Aditya Birla Group and Vodafone Group partnership, is an Indian telecom service provider. The company provides pan India voice and data services across 2G, 3G and 4G platforms.
The telco reported a consolidated net loss of Rs 25,460 crore in Q1 FY21, higher than net loss of Rs 4,873.90 crore in Q1 FY20. Gross revenue in Q1 June 2020 stood at Rs 10,659.30 crore, down by 5.4% from Rs 11,269.90 crore in Q1 June 2019.
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