Gaurav Malhotra, Executive Director at Axis Capital, believes Vodafone Idea's future largely depends on how the government structures its relief package—whether it involves a full or partial waiver or a staggered payment plan. He prefers to wait until there is clarity on the framework before revising his outlook.

On November 3, the Supreme Court clarified that the government is free to consider granting relief on Vodafone Idea ’s additional adjusted gross revenue (AGR) dues as well as the reassessment of its pending dues.

Malhotra cautioned that even if funding comes through, Vodafone’s recovery will take time, as years of underinvestment mean it must rebuild both its network and market share.

Discussing Bharti Airtel, Malhotra said the decision to raise its stake in Indus Towers by

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