"Since Bharti comprises (around) 22 per cent of Singtel's valuation, this may have an adverse theoretical impact of (about) 4 per cent on Singtel's market cap," he added in a flash note. But in the race to the bottom, Bharti Airtel may be better placed than peers to withstand the court ruling and bear the past dues. India's telecom players are already reeling from the heavy debt piled on in a protracted price war kicked off by upstart Reliance Jio's fire-sale prices - and Vodafone Idea, formed through a merger last year between Idea Cellular and a local unit of Britain's Vodafone. They have seen customer numbers and share price battered in that time.