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- Indian supreme court, after 10 years deliberation, hands a real shocker for Vodafone’s merged entity in the country (Vodafone Idea).
- Essentially the court is forcing all companies to pay levies for spectrum on total revenue (not just telecoms revenue).
- Vodafone Idea are forced to pay $4bn.
- This is likely to put Vodafone Idea under (It has net debt of $14bn or 20x Net Debt/EBITDA).
- Hard to see in the share price chart but that last drop was 35%.
- Upstart Jio, which has been waging the mother of all price wars (it gave services away for free!), is unscathed by this ruling.
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