Vi Shares Plunge 11% Despite Cabinet AGR Relief; Market Wanted Waiver, Not Just Moratorium

• Vodafone Idea (Vi) shares dropped over 11% on December 31, 2025, despite the Union Cabinet approving an Adjusted Gross Revenue (AGR) relief package.
• The Cabinet approved a 5-year moratorium on Vi's AGR dues, with a DoT committee to recalculate and re-evaluate these dues, potentially reversing interest/penalty.
• Rs 87,695 crore of AGR dues were frozen, with payment rescheduled from FY32-FY41; FY18-FY19 dues payable over the next five years.
• Shares fell because the market anticipated a waiver of some dues, not just a moratorium, which was not announced.
• Vi, struggling with debt, has repeatedly warned it cannot survive without funding; the government holds nearly 49% stake after converting dues to equity.

Why It Matters: Vi shares fell as market expected AGR waiver, not just moratorium, despite Cabinet relief package.