MTNL is broke. But that’s not its biggest problem.
Markets were roiled last week when the government-run Mahanagar Telephone Nigam Ltd, or MTNL, informed the stock exchanges that due to insufficient funds it wouldn’t be able to pay interest due on a ₹2,480-crore loan it had raised last year. The loan was for 10 years with a semi-annual coupon rate of 7.59%. MTNL has