Vodafone Idea Limited's stock fell more than 33 percent in September, its sharpest decline since October 2019. Its market cap declined by more than Rs 34,000 crore during this month. On September 30, the stock closed at Rs 10.36 per share, which was Rs 15.64 at the beginning of the month, reducing its market cap from Rs 1.06 lakh crore to Rs 72,000 crore. However, recently many reports have downgraded the stock. The target of the stock has also been reduced. In the Goldman Sachs report, the target of the share has been set at Rs 2.5. On the other hand, in the Citi report, the target has been reduced from Rs 22 to Rs 17 per share.

Know what's next? - The Supreme Court rejected the review petition related to AGR dues. After this, the stock fell sharply. Three major reliefs were sought in Vodafone Idea's curative petition in the AGR case. Correcting arithmetical and clerical errors in the AGR demand, the petition was made to limit the penalty limit to 50 percent of the shortfall. According to IIFL Securities , the Supreme Court's decision will affect the company's cash flow. The decision is slightly positive for Bharti Airtel, which can potentially benefit from an increase in market share. However, Vodafone Idea's ability to proceed with its debt raising plans, which are important to maintain its capital expenditure, remains uncertain after the adverse decision. Vodafone Idea is estimated to lose 3 percent in the next 3-4 years.