Since other fixed line operators, including MTNL, have been excluded from this payment, MTNL may stand to lose on account of this change.

The MTNL stock reacted negatively to this TRAI directive, dipping 7.26 per cent to close at Rs 145.70 (against a 1.4 per cent decline in the Sensex).

The stock, which was relatively firm in morning trade, started declining after this news percolated into the market in the afternoon.

Since tariffs are slated to fall in line with the reduction in ADC, both the mobile subscriber base and average minutes of usage by subscribers will get a fillip.

Reacting to this development, the Bharti stock inched up marginally by 0.38 per cent to close at Rs 211.

In a recent analysts' meet, the company had indicated that aggressive pricing had helped them increase volume growth by 25 per cent year-on-year in recent months.

It should also stand to gain in the reduction of incoming ADC reduction from Rs 4.25 to Rs 3.25 as the proportion of grey market calls will come down.

The grey market is said to account for nearly 30-40 per cent of the incoming international call traffic into India. The VSNL stock closed marginally lower by 0.17 per cent at Rs 230.50.

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