Vodafone Idea in trouble? Indus Towers warns telecom company over pending dues; 25 cr subscribers may be hit

In a big jolt to Vodafone Idea, Indus Towers, which claims to be India's largest mobile tower installation company, has issued a warning to the beleaguered telecom company over dues payments, sources told Zee Business. The company had told Vodafone Idea that if the firm fails to comply with the warning, it may restrict access to phone towers from November.  

In case Indus Towers chooses to take this stern measure upon Vodafone Idea's failure to make the payments, over 25 crore subscribers of the service provider would be affected.  

The warning against the Vodafone Idea comes after the Board of Indus Towers in a meeting held on Monday found that the majority chunk of the trade receivables of the company was due to Vodafone Idea. In Q1FY23, Indus Towers trade receivables stood at Rs 6, 250 crores. It is learnt that Vodafone Idea owes around Rs 7,000 crore in debt.  

Vodafone Idea को मिली चेतावनी !

इंडस टावर ने बकाया चुकाने को कहा

25 करोड़ से ज्यादा सब्सक्राइबर्स को आ सकती है दिक्कत

जानिए पूरी डिटेल्स कुशल से..@KushalGupta44 #StockMarket #VodafoneIdea

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— Zee Business (@ZeeBusiness) September 28, 2022

It had asked the telecom company to pay their 100% monthly dues on time or else the tower installation company may stop it from using its towers from November.  

Amid all these developments, Vodafone Idea's plan to raise the fund also remains in limbo.  

On Wednesday, Vodafone Idea share price slipped nearly two per cent to Rs 8.96 per share on the BSE. Vodafone Idea shares have remained a wealth destroyer in the past five years. A close look at the price history of the telecom stock shows that the counter has yielded a negative return of 80% in the past five years, while it generated a negative return of around 13% and 17% in the last two years and one year respectively. The stock traded on 52-week high of Rs 16.79 on October 10 last year, while it touched a year-low value of Rs 7.75 in June this year.