SP Tulsian, sptulsian.com is negative on MTNL.
SP Tulsian, sptulsian.com told CNBC-TV18, "The situation of BSNL is very precarious. I recall maybe 6-7 years back government had been banking on Rs 1 lakh crore market cap of BSNL and today they cannot talk of value of Rs 10,000-15,000 crore also, so what they can really do. If MTNL is really making the losses of Rs 3,500-4,000 crore and major portion of that has been coming from the salary, I do not think that the infusion of the funds or maybe salvaging part of the amount from real estate monetisation can really happen."
He further added, "There is no operational efficiency likely to be seen in case of MTNL, so even if you merge that and make a Pan India entity, the Bombay-Delhi circle also gets merged with BSNL, I don’t know how that purpose will really get served. I will keep my negative stance on MTNL."