Indian Telecom Stocks Tumble as Top Court Rejects Plea on Dues

Shares of Indian wireless carriers plunged on Thursday after the country’s top court rejected the firms’ request to re-calculate about $13 billion of past dues that they owe to the government.

The companies had filed a curative petition to the court contending that the telecom department had wrongly computed the amount. The petition was the final avenue to seek a revision of the top court’s earlier ruling asking the telecom companies to pay their dues.

Mobile service provider Vodafone Idea Ltd. and network-infrastructure firm Indus Towers Ltd. were among the biggest decliners. Vodafone Idea’s shares plunged 20% and closed ...