The Indian stock market experienced volatility during the trading sessions on May 20 and 21, 2025, influenced by a Supreme Court ruling on the Adjusted Gross Revenue (AGR) dues case involving major telecom companies Vodafone Idea, Bharti Airtel, and Tata Teleservices. The Supreme Court dismissed the telcos' plea for an AGR waiver, reaffirming the government's demand for payment of approximately $12.97 billion in overdue levies and interest. This verdict led to a sharp decline in Vodafone Idea's share price, which hit a 52-week low, falling 12% over two days and closing at ₹6.54, down 2.68% on May 20. The ruling also caused selling pressure across the broader market, with the Sensex dropping over 800 points and the Nifty falling below 24,750, marking a third consecutive day of losses. Foreign institutional investors (FIIs) were net sellers, offloading equities worth ₹10,016 crore on May 20, the largest single-day selloff in over two months, while domestic institutional investors (DIIs) bought ₹6,738 crore. However, on May 21, the market rebounded with the Sensex rising 800 points and the Nifty surpassing 24,900, driven by gains in pharma and IT stocks. GIFT Nifty futures indicated mixed market openings, with a premium of over 100 points on May 20 and a discount of more than 40 points on May 22. Key stocks in focus during this period included Power Grid, Bharat Electronics, DLF, Rail Vikas Nigam, HFCL, Shyam Metalics, ACME Solar, Borosil, Petronet LNG, Hindalco, Waaree, Swiggy, Reliance Power, Bharti Airtel, Dixon Technologies, NHPC, Whirlpool India, Nazara Technologies, and Aster DM Healthcare.