India's Vodafone Idea had its petition to waive more than $5 billion in debt it owes to the government rejected by the country's top court on Monday, dealing a major setback to the telecoms giant. The company has struggled to pay outstanding spectrum and revenue-sharing dues since a landmark 2019 Supreme Court order widened the scope of revenues on which the payments are assessed.

Vodafone Idea shares plummeted after the Supreme Court rejected its plea to waive over $5 billion in interest and penalties on statutory dues. The telecom operator, burdened with $25 billion in net debt,

We are really shocked by these petitions which have come before us. It is not expected of a multinational company. We will dismiss it, the bench reportedly said while addressing senior advocate Mukul Rohatgi,