Vodafone Idea shares jump 14 pc after TDSAT order
NEW DELHI: Shares of Vodafone Idea on Friday jumped 14 per cent after telecom tribunal TDSAT stayed Trai's interim direction asking the company to withhold its priority plan that promises 4G network on a priority basis to certain premium users.
The tribunal's decision provides a temporary relief for Vodafone Idea Ltd (VIL).
The stock zoomed 12.83 per cent to close at Rs 8.88 on the BSE. During the day, it jumped 14.86 per cent to Rs 9.04.
On the NSE, it rose by 14 per cent to close at Rs 8.95.
Earlier this week, VIL moved the tribunal challenging Trai''s direction asking the company to withhold the plan till the matter is examined.
In its order on Friday, the tribunal said it would be open for Trai to proceed with the inquiry and pass final orders in accordance with law at the earliest after ensuring that requirements of natural justice are satisfied and VIL is given opportunity to explain any alleged contravention of extant directions of the authority.
"Hence, the interim direction in paragraph 2 of the impugned letter dated 11.07.2020 is stayed until further orders," the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) said.