Vodafone Idea shares fall 6% on reports of India challenging the arbitration ruling

Vodafone Idea shares fall 6% on reports of India challenging the arbitration ruling

On September 24, the Hague-based Permanent Court of Arbitration ruled in Vodafone’s favor in a case against the income tax department’s retrospective tax demand of Rs 22,100 crore.

Shares of Vodafone Idea fell almost 6 per cent in morning trade on BSE on December 24 after media reports said India had challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case.

Mint reported that India on December 24 challenged the international arbitration court’s ruling in favour of Vodafone Plc in the retrospective tax case.

On September 24, the Hague-based Permanent Court of Arbitration (PCA) ruled in Vodafone’s favour in the arbitration case against the income tax (IT) department’s retrospective demand of Rs 22,100 crore.

Prime Minister Narendra Modi recently reviewed the matter at an inter-ministerial group (IMG) meeting, CNBC-TV18 reported on December 3.

The law and justice ministry were in favour of appealing the decision at a Singapore court, the report added.

Shares of Vodafone Idea were trading 5.49 per cent down at Rs 9.98 on BSE at 1115 hours.

Source – https://www.moneycontrol.com/news/business/markets/vodafone-idea-shares-fall-6-on-reports-of-india-challenging-on-arbitration-ruling-6266591.html