Bengaluru, July 7 -- India's telecom sector is entering an interesting phase. A hugely anticipated IPO is moving through regulatory review, and it's got investors asking hard questions about the sector's second-largest player. Some brokerages see a re-rating story building. Others are more cautious. Here's a closer look at where the debate stands.

A Tale of Two Views on Airtel

Jio Platforms filed its draft papers with SEBI in June, setting the stage for what could turn out to be India's biggest-ever public offering. As the listing inches closer, the question on everyone's mind is simple: does this help Airtel, or does it hurt it?

Morgan Stanley leans toward the optimistic camp, though its reasoning has less to do with Jio and more to d...