Just 2 days after DoT asked Airtel to stop 3G services in seven circles in India, where the company did not have authorised permit license, shares of Bharti Airtel and Idea Cellular recieved a drop of 2 percent in the early morning.
Bharti Airtel updated early morning regarding an evident dip in the trade of 2.11 percent lower at Rs 304.50, while idea posted a 2.1 percent less trading at Rs 109.80.
The company may soon be slapped with another cause notice for sharing its 3G airwaves with Vodafone and Idea, confirmed by telecom department officials.
Also, it may be charged for an additional 500 crore penalties for the alleged violation.
As a result, Bharti Airtel will be charged for Rs 850 crore as a penalty for its 3G roaming pacts with Vodafone and Idea.
A penalty of Rs 350 crore was imposed on Bharti Airtel by DoT, for its 3G services which it offered in the regions where it was unauthorised.
Angel Broking in a note, said that Bharti Airtel had filed a petition in the Delhi High Court against the decision and Bharti Airtel had been offering these services in seven circles, where it did not have 3G spectrums, by signing intra-circle agreements with Vodafone and Idea Cellular.
Vodafone, Idea and Airtel together have around 12 million 3G subscribers. Idea already has a stay from Delhi High Court against the stopping of 3G services through the intra-circle agreements.