A day after the telecom regulator proposed high spectrum prices, the shares of leading telecom operators tumbled in early trade. The losses were later cut on expectations the proposals might not be accepted. Shares of the largest telecom operator, Bharti Airtel, in morning trade fell as much as 7.6 per cent to Rs 289, its lowest level in nearly two years. The fourth-largest player, Idea Cellular, plunged as much as 14.5 per cent, while Reliance Communications, the second largest, declined as much as 3.4 per cent.
The Telecom Regulatory Authority of India (Trai) had proposed a near-tenfold increase in the reserve price for spectrum over what operators had paid in 2008.