Vodafone Idea and Bharti will benefit the most as their negative free cash flow will reduce by $1.7 billion and $850 million a year, respectively, for the financial year ending March 2021 (FY21) and FY22," Fitch Ratings said. Despite the tariff hike, Fitch still believes it will take negative rating action on Bharti if it pays the AGR dues within three months and funds the payments entirely by debt. "We will resolve the Rating Watch Negative on Bharti's ratings once we have greater clarity on the timing and financial impact of the regulatory dues and any remedial measures," the rating agency said. "We expect Vodafone Idea to continue to struggle to improve its Ebitda amid fierce competition, limited financial flexibility to invest and a shrinking subscriber base.