New Delhi, Feb. 6 -- Shares of Mahanagar Telephone Nigam Ltd (MTNL) have soared 25% in just a few days, but this isn't a sign of a turnaround-it's a rally driven by relief.

Investors are cheering yet another government intervention to keep the struggling state-owned telecom operator afloat. But beneath the short-term optimism lies a deeper crisis: mounting debt, a shrinking market share, and a legacy of financial mismanagement that has left MTNL on life support.

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This isn't the first time a bailout has sparked a fleeting stock surge, only to be followed by a harsh reality check. As India's telecom sector consolidates, private players are raising...