Mumbai/IBNS, June 9 -- Shares of Vodafone Idea Ltd. surged on Tuesday after the telecom operators secured a major relief from the Bombay High Court, boosting investor sentiment.

The rally came after the Bombay High Court on Monday struck down the Centre's one-time spectrum charge imposed on telecom operators. A division bench comprising Justices M.S. Sonak and Jitendra Jain quashed the government's 2012 order introducing the levy, ruling that the Centre could not retrospectively alter the financial terms of telecom licences years after they had been granted. The court also directed the authorities to return the bank guarantees furnished by telecom companies pursuant to the government's order.

Published by HT Digital Content Services wit...