Shares of Vodafone Idea NSE -2.40 % dropped 7 per cent in Tuesday's trade after PTI quoting government sources said that telecom operators including Vodafone Idea will have to pay 10 per cent of the total AGR liability by March 31 irrespective of the part-payments made by them.

Operational telecom operators are expected to pay Rs 12,921 crore by March 31, of which close to 80 per cent has to be paid by Vodafone Idea and Bharti Airtel.

Following the development, shares of Vodafone Idea fell 7.02 per cent to hit a low of Rs 9.66 on BSE. At 10 am, shares of Bharti Airtel were trading 0.7 per cent lower at Rs 464.55.

"The Supreme Court order is very clear that telecom operators have to make 10 per cent payment of the total dues as demanded by DoT by March 31, 2021. DoT has already raised demand for full AGR dues. The 10 per cent payment to be made by this March will be calculated on total AGR liability," a DoT official told PTI.

Vodafone Idea's inability to raise debt from external investors could increase equity requirements and push promoters to subscribe to the debt issuance too, according to a report by US financial services house Morgan Stanley.

The company has announced that the board of directors have approved a fund-raising plan through a mix of debt (debentures) up to Rs 150 billion and equity up to Rs 150 billion.The mix of equity and debt would be managed in a way so as to raise a maximum of Rs 250 billion and the proposal would be taken up for approval at the AGM scheduled on September 30.