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The meeting comes on the back of the fear if the telecom department takes any coercive action, the sector would face a huge blow and it may lead to a private sector duopoly.
ET reported in its Wednesday’s edition that DoT is unlikely to invoke Vodafone Idea’s bank for now, even as the officials of the telecom and finance ministries met Cabinet secretary Rajiv Gauba to discuss ways to ensure that the sector retains three private players.
The government has called on the cabinet secretary to chalk out steps to try and ensure no telco shuts down, given the fact that a Vodafone Idea collapse will have wide implications across sectors, jobs, the wider economy and global perception of India.
Shares of Vodafone closed at Rs 4.19, up by 38.28% on the BSE on Wednesday in the hope that relief measures are on its way. Airtel shares closed 0.8% lower at Rs 543.35 on the BSE Wednesday.
The telco which has to pay adjusted gross revenue (AGR) dues of nearly Rs 57,000 crore, clarified that it didn’t know the reason behind the stock surge .
“We wish to inform you that there is no such announcement or price sensitive information, which is pending to be intimated by the Company to the Stock Exchanges,” said the operator in a regulatory statement .
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