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

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.

Mumbai: Vodafone Idea (Vi) has said it is currently in discussions with the Department of Telecommunications (DoT) to remove the bank guarantee requirements for spectrum acquired before 2022, as reported by The Economic Times.

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.

This notice comes as the DoT discusses with the finance ministry the possibility of waiving the bank guarantee requirement, although no decision has been finalised.

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

The telecom operator also noted that when the DoT makes a final decision, it will make all relevant disclosures as required by law.

The shares of telecom operator Vodafone Idea plunged sharply on Monday (October 7), losing over 7 per cent and hitting a 52-week low of Rs 8.90 on the National Stock Exchange (NSE). The sudden decline in the share price of the company comes after a notice from the Department of Telecommunications (DoT) regarding the company’s failure to submit

Vodafone Idea shares are set to draw attention following the DoT issuing a notice to the company for failing to submit bank guarantees covering past spectrum auction dues. The situation arises as the DoT is currently in discussions with the finance ministry about potentially waiving the bank guarantee requirement.