The Department of Telecom (DoT) has asked the telco to submit bank guarantees as an assurance for the spectrum payment of Rs 24,747 crore due in September next year

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.

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.

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

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 (NS:VODA)'s shares dropped by 6.3%, hitting a 52-week low of INR 9.1 in early trading after the Department of Telecommunications (DoT) issued a notice regarding non-payment of bank guarantees.

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.