Shares of Vodafone Idea tanked nearly 9 per cent on Monday after the Supreme Court dismissed the pleas of telecom majors seeking the waiver of adjusted gross revenue (AGR) dues.

The stock of the firm slumped 8.68 per cent to settle at Rs 6.73 on the BSE. During the day, it tumbled 12.21 per cent to Rs 6.47.

The company's market valuation eroded by Rs 6,933.95 crore to Rs 72,914.86 crore.

Shares of Indus Towers declined 2.87 per cent and that of Tata Teleservices dipped 0.46 per cent.

The Supreme Court on Monday dismissed the pleas of telecom majors Vodafone, Airtel and Tata Teleservices seeking the waiver of AGR dues.

A bench comprising Justices J B Pardiwala and R Mahadevan called the pleas "misconceived".

"We are really shocked by these petitions which have come before us. Really disturbed. It is not expected of a multinational company. We will dismiss it," the bench told senior advocate Mukul Rohatgi, appearing for Vodafone.

The top court refused to "come in the way of the government" wanting to help the telecom companies.

The telecom companies had alleged arithmetical errors in the calculation of the AGR dues and sought it to be rectified contending duplication of entries but the top court on July 23, 2021 dismissed their pleas.

Vodafone sought a waiver of around Rs 30,000 crore towards interest, penalty, and interest on penalty components of its AGR dues.

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