Bye bye, telecom

If telecom stocks fell 3.5-5.5% on Monday, it was only because the Trai recommendations on auctioning spectrum—following the Supreme Court cancelling 122 licences—had not been made public before trading closed; only rumours of what they contained were doing the rounds. Expect a bloodbath later today since, if they are accepted, the Trai’s recommendations will cause industry to shut shop.

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