Things just got tougher in the world's fastest-growing cell phone market. A government proposal to hike existing mobile spectrum fees for India's largest players sent stocks swooning Wednesday, with shares in market leader Bharti Airtel plunging 8.3 percent.
If accepted, the proposal would help the government reduce its fiscal deficit, but it's unwelcome news for leading operators caught in a brutal price war and burdened by a pricey auction for third-generation licenses.
It's also a reminder that you can't do business without the government in India.
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Private operators in a fix.
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