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The telecom regulator’s new rules to battle spam calls and messages has telecom companies all riled up.

Reliance’s telecom business has demonstrated impressive growth in Q1. Yet, fundamental slippages are holding back profitability, even as Airtel continues to keep its lead. Expect more headwinds, not a bumper IPO.
The apex court’s quashing of its over $4 bn relief request did little to dim the telco’s stellar all-round show in FY25 or the market’s love for the stock.
Ahead of its IPO, the mobile telephony leader is down to playing catch-up with Airtel. What should investors expect?