State-run banks are not out of the woods yet, as new-stress has emerged in the agriculture, MSME, commercial vehicle, telecom and real estate sectors in the fiscal third quarter. Macquarie has increased its credit cost assumptions on an average by 50 basis points, or half a percentage point, for the next two fiscal years to 180 basis-points to reflect the new forms of stress.

After a Supreme Court rap for missing payment deadline, top telecom firms Bharti Airtel, Vodafone Idea and Tata Teleservices scrambled to pay a part of the outstanding dues even as the Supreme Court refused to stop the government from taking coercive action for any further delay in clearing full dues. The government's demand from such companies was many times more than their net worth.

As the sword of Damocles hangs over Vodafone-Idea, uncertainty continues to mire the Indian-telecom-sector which has seen fall of several telcos such as Etisalat-DB, Reliance-Communications, Sistema-Shyam and Aircel. The SC on October-24, 2019, ruled that statutory dues need to be calculated by including non-telecom-revenues in AGR of telcos, leading to huge liabilities of Rs.1.47-lakh-crore for telcos already hit by falling revenues due to fierce-competition.