New Delhi, May 16 -- Shares of Tata Teleservices (Maharashtra) Ltd (TTML) have dropped nearly 25% over the past year as mounting debt and persistent losses continue to batter the stock. The telecom firm's debt burden, at Rs.20,416 crore, now nearly doubles its market capitalization of Rs.11,233 crore, a stark indicator of the financial strain caused by accumulated adjusted gross revenue (AGR) dues.

Despite the grim financials, institutional investors are quietly increasing their stakes in TTML. Foreign institutional investors (FIIs) have raised their holding to 2.53% in the March 2025 quarter from 2.03% two years ago, while Domestic institutional investors (DIIs) have nudged up their stake to 0.12%.

The interest is modest but consistent...