Why Vodafone Idea shares aren’t excited by the proposed moratorium?

Vodafone Idea shares rallied over 15% last week, before cooling off on Monday. The shares declined in trade despite reports that loss-making telco may get more time (six years) —  after a 5-year moratorium —  to pay only 50% of the money it owes the government on account of adjusted gross revenue.

Based on a 2019 verdict that allowed the government to retrospectively claim a share of the non-telecom services revenue —  called adjusted gross revenue or AGR —  since 1999, Vodafone Idea (now owned by the Aditya Birla Group) owes the exchequer…