Need Help Hyperlinking to a Batch File

I am trying to hyperlink a batch file that opens a Telnet session. For some reason, the batch file works fine outside of Excel, but will not open when it is hyper-linked on a spreadsheet.

Here is the batch file in question...
@Echo Off
start /d "c:\system32\telnet.exe" telnet:192.168.***.***

Where * are the actual Subnets

Does anyone know why Excel won't open this? Is there some sort of syntax change that needs to be made?

Any help would be appreciated