Telecom infra stocks plunge as govt hikes import duty by 5 pc on telecom gear

The Union Budget 2024-25 increased customs duty on specified telecom equipment to 15%, causing significant stock declines and a 497.22-point drop in Sensex. HFCL, Vodafone Idea, and others dipped, while Kavveri Telecom, Shyam Telecom, and Indus Towers gained. Critical minerals were exempt to help strategic sectors.