Mumbai, May 19 -- The courtroom blow had a ripple effect. Indus Towers shares slid up to 2.8%, underscoring wider worries about the sector's financial strain. In light of the development, stock exchanges have sought clarification from Vodafone Idea, but a response is still pending.

According to the media reports, the Supreme Court called the plea "shocking" and "misconceived," asserting that the relief sought was not legally tenable. Vodafone Idea had sought an urgent hearing last Friday, pleading for relief on dues amounting to nearly Rs 30,000 crore, largely comprising penalties and interest on penalties under the AGR framework.

The telco warned that without further government support, the sector could face an existential crisis. Curi...