On the face of it seems an unlikely question. But in the the aftermath of a bungled spectrum auction, and with India’s telecoms operators facing what could be their weakest quarterly revenue performance in three years, might the worst actually be over for the beleaguered sector?

The market seems to think so. Bharti Airtel, the nation’s largest operator by revenue, has seen its stock rise by more than 10 per cent since the day 1 of the auctions last Monday, after which it was clear the contest would be exactly the type of damp squib most analysts expected. Read more