Reforms implemented by telecom regulatory authority of India and Department of telecommunication post liberalization have drastically altered the business environment in the Indian telecom sector. This sector has emerged as a significant performer in the Indian services domain. The focuses of our study is to measures the change in performance levels of the companies. Is any in the post-merger phased to the pre merge ones through selected HR and Financial parametric like Human capital return on investment, compensation of employees to PAT ratio, EPS and market share. The finding indicates the mixed outcomes.