Vodafone Idea is in talks with the Department of Telecom for a waiver on the bank guarantee for spectrum payments due next year, citing recent auction rules.

The company clarified after several media outlets reported that the DoT issued a notice to the telco to pay bank guarantees

Vodafone Idea shares fell over 9% to a 52-week low of ₹8.91 amid reports of the DoT’s notice for non-payment of bank guarantees for past spectrum dues. This is the fifth straight day of losses for the telecom player’s stock.

Vodafone Idea is in talks with the Department of Telecommunications to remove bank guarantee requirements for spectrum acquired before 2022, seeking relief amid ongoing regulatory pressures

Vodafone Idea is in talks with the Department of Telecommunications to waive bank guarantee requirements for spectrum acquired before 2022. The company needs to submit guarantees worth over Rs 24,700 crore in the upcoming months.

Vodafone Idea also stated that it continues to engage with the DoT for the removal of bank guarantee requirements for spectrum acquired before 2022.