Indian shares slipped on Friday, weighed down by telecom and banking stocks after the Supreme Court rejected pleas from mobile operators for relief on dues owed to the government.

The Supreme Court dismissed petitions by wireless carriers, including Bharti Airtel and Vodafone Idea, seeking a review of its order late last year that they must pay the bulk of nearly $13 billion in dues to the government.

The decision has affected market sentiment, with banks likely to be impacted, said Neeraj Dewan, director at Quantum Securities, adding that weak sentiment may also have some negative impact on foreign direct investment.

The NSE Nifty 50 index was down 0.19% to 12,332 by 0406 GMT, while the benchmark S&P BSE Sensex slipped 0.16% to 41,866.16.

Vodafone Idea Ltd, whose survival could be threatened after the court’s decision, fell a record 40% to a two-month low.

SOURCE – INDIA TODAY

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