In MTNL 14378 employees had opted for VRS. This had led to reduction of salary expenditure by about 145 crore only during Feb,2020. BSNL/MTNL have solid asset base. If monetisation of assets is done properly as per Present Market rate, things will turn in favour of BSNL/MTNL. It may take another 06 to 18 months to know the clear picture. Buying at this stage for long term gains is advisable. The Govt is allotting 4G spectrum though their rescue package for rs. 20140/- crores ( NO free allotment). You may loose little now if U buy,or you may hit a Gold Mine.
Besst of Good Luck
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