Vodafone Idea advanced 19.02% to Rs 4.38. Bharti Airtel was up 3.76% at Rs 408.

Bharti Infratel was trading 0.53% lower at Rs 226.50, reversing from the day's high of Rs 233.60.

The Supreme Court (SC) on 24 October 2019 ruled in favor of the government on the AGR (adjusted gross revenue) issue, with grave revenue implications to the tune of over Rs 92,000 crore for the ailing telecom sector.

AGR is the basis on which Department of Telecommunications (DoT) calculates levies payable by operators. Telecom operators are liable to pay around 3-5% and 8% of the AGR as spectrum usage charges and licence fees, respectively, to DoT.

Telcos argued that AGR should comprise revenue from telecom services, but DoT insisting that AGR should include all revenue earned by an operator, including that from non-core telecom operations.

The apex court upheld the definition of AGR provided by DoT, putting an end to a 14-year old legal battle between telecom operators and the government.

SC docket in its final month's ruling reportedly stated, "We give three months' time to deposit the quantity, which is due and compliance be reported."

Bharti Airtel accounted a onetime loss of Rs 28,450 crore in Q2 quarter on the back of SC's AGR verdict. Vodafone Idea accounted an estimated liability of Rs 27,610 crore related to license fee and Rs 16,540 crore related to spectrum usage charges up to 30 September 2019 including the interest and penalty and interest.

"I want no company to shut operations. I want everyone to be up and running. We want the economy to have good number of companies in business and flourish in their business. Not just telecom sector, my wish is all companies in all sector(s) be able to do business, service their market customer and survive. So with that approach, the finance ministry has always been talking and in telecom too that's the approach we have taken," Sitharaman told the media.

FM also said that the Government is looking for ways to support the debt laden telecom sector.

Bharti Airtel has surged 12.73% in two trading sessions. Vodafone Idea has rocketed 51.53% in two trading sessions.

The S&P BSE Telecom index was trading 3.4% higher at 997.46.