"We do not find any merits in the appeal," a bench of justices RF Nariman and S Ravindra Bhat said.
The top gainers among Nifty constituents were Tata Motors, Dr Reddy's Labs, Titan Company, Bajaj Auto and Bajaj Finance.
82 stocks hit new 52-week low including names like Ambuja Cements, Capital First, Idea Cellular, IDFC Bank and Vakrangee among others.
The market breadth was in favour of the declines with 791 stocks advancing while 832 declined and 409 remained unchanged. On the other hand, in the BSE, 981 stocks advanced and 955 declined and 82 remained unchanged.
In late-2017, the company had decided to exit wireless business due to its worsening debt profile forcing it to sell its spectrum licence and announce other monetisation plans.
The BSE telecom index was trading in the green, up 0.62 percent at 1661.23 with Bharti Airtel marginally down 0.25 percent while Idea Cellular was trading in the green, up 0.18 percent at Rs 109 per share.
Rcom and Aircel Limited had signed binding agreements in September 2016 for the merger of Rcom's mobile businesses with Aircel
In an interview to CNBC-TV18, Nitin Soni of Fitch Ratings spoke about the latest happenings in the telecom sector and specifically about RComm.
In an interview to CNBC-TV18, Revati Kasture, Senior Director of CARE Ratings shared her thoughts in terms of what is happening with RComm's bond trade.
In an interview to CNBC-TV18, Revati Kasture, Senior Director at CARE Ratings spoke about Reliance Communication's loan downgrades.
RComm owns about 96 percent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt.
Telecom operator Reliance Communications is in talks with American Tower Company (ATC) and Carlyle to sell majority stake in its tower subsidiary Reliance Infratel in the current financial year.
Sudarshan Sukhani of s2analytics.com recommends buying CESC and advises selling Bharti Airtel.
Sudarshan Sukhani of s2analytics.com is of the view that Reliance Communications may head lower.
According to Satish Gupta of astrostocktips.in, telecom stocks like Bharti Airtel, Reliance Communications, Idea Cellular and Tata Communications will get astrological support.
According to Satish Gupta of astrostocktips.in, technology stocks like Infosys, Tech Mahindra, Tata Consultancy Services and HCL Technologies will get astrological support.
Sudarshan Sukhani of s2analytics.com is of the view that one may pick Reliance Communications, Idea Cellular and Bharti Airtel.
Abhijit Paul of Alphative Advisors LLP is of the view that Kotak Mahindra Bank may move to Rs 770 and Reliance Communications (RComm) may touch Rs 130.
SP Tulsian of sptulsian.com is of the view that Reliance Communications (RComm) may test Rs 158-160 and Bharti Airtel may test Rs 338-340.
SP Tulsian of sptulsian.com recommends buying Reliance Communications (RComm) with a target of Rs 150 and advises selling Union Bank of India with a target of Rs 130.
The mobile user base declined 0.70 percent to 87.05 crore from 87.67 crore at the end of August 2013, according to data released by sectoral regulator Telecom Regulatory Authority of India (Trai).
Hemant Thukral of Aditya Birla Money is of the view that one may sell Reliance Communications on rise.
Kunal Bothra of LKP recommends buying Godrej Industries with a target of Rs 280 and Adani Enterprises with a target of Rs 163.
According to Ashish Chaturmohta of Fortune Equity Brokers, one may see profit booking in Reliance Communications (RComm).
According to B Krishnakumar of fundsindia.com, Reliance Communications has strong support at around Rs 139-141.