Telecom stocks, including Bharti Airtel, fell as operators face a total surcharge of at least $5.2 billion to continue using the airwaves.
The stocks had risen on Monday after news that the surcharge to be levied would not be backdated as some had feared.
Citigroup analysts estimate Bharti could face a payout of 38 billion rupees. BNP Paribas estimates Bharti would have to pay 48.76 billion rupees.
Idea Cellular, the country's third-biggest operator by revenue, may have to pay 18 billion rupees (per-share impact of 6 rupees), Citigroup estimates. BNP Paribas estimates Idea's payout to be 22.77 billion rupees.
Idea shares fell 3.2 percent, while Bharti was down 1.5 percent.