Negotiations with private equity firm Blackstone for a sale of the telecom tower unit also reportedly fell through over valuation.

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While many are asking if Verizon will make an offer for Sprint, telecom tower companies took a big hit from the deal announcement.

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Shares of telecom-tower company Bharti Infratel Ltd.

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For the telecom outfit, which pulled back the Singapore listing of its tower arm last year, a deal with cash-rich Reliance Industries would be a major reprieve.

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