Underlining the looming crisis in the country’s telecom sector, two private telecom service providers have posted a whopping combined loss of Rs 73,966 crore in the September quarter of this financial year, attributing it to the recent Supreme Court order on spectrum and license fees dues. As the telecom sector reels under a debt of over Rs 4 lakh crore, the government has formed a Committee of Secretaries to examine the financial stress and recommend mitigating measures. According to estimates, State Bank of India is said to have an exposure of Rs 37,330 crore to Vodafone Idea and Airtel. Similarly, HDFC Bank (Rs 24,515 crore), Axis Bank (17,315 crore), Bank of Baroda (Rs 11,471 crore) and Punjab National Bank (Rs 7,318 crore).
— source newsclick.in | 16 Nov 2019