Actually, a lot of things went wrong for RCOM. Some were internal in the way the company was managed. Some were external and had to do with technology shifts but they had a huge impact on the fortunes of the company. Here are some key reasons for the crisis in RCOM.

· You can say that the problems for RCOM started with the CDMA technology adopted by RCOM. It was a robust technology in the early 2000s when the company started but a lot has changed since then. CDMA as a technology was much smarter than GSM when RCOM first launched it in 2003. The company actually did very well between 2003 and 2009; but the real changes happened after 2009. With the introduction of smart phones by Apple and Samsung, there was mobile date expansion in a big way. As a result, the benchmark for mobiles shifted towards 4G and 5G. That was the crux of the problem. CDMA technology was designed to run on 2G and 3G and unprepared for the smart phone explosion. RCOM could have still survived if they had taken corrective action back in 2010 or 2011 when it was still possible to do a big shift. But they just delayed for too long and by then the GSM market had become too crowded.

· Jio launched its own mobile service in 2016 when the freeze period for the MDAG group to stay out of the telecom business was completed. That was actually the big hit for RCOM as the price and data combinations that Jio offered just could not be matched. With an endless flow of liquidity from refining and petchem, Reliance could afford to play the waiting game longer than the others. With cash flows worsening, the pressure from creditors pushed RCOM to opt for bankruptcy filing.

· There is really not much of a choice now for RCOM other than to be referred to NCLT. Their existing assets are grossly inadequate to service their debt and even now bankers and other creditors will be forced to take a haircut of as high as 70%.

Coming to your last part of the question, the damage may have been done and it is hard to see any revival in the stock.