Shares of telecom and realty firms those involved in the alleged 2G scam fell sharply by up to 7% on Thursday on the Bombay Stock Exchange after the Supreme Court cancelled as many as 122 2G licences granted by former telecom minister A Raja, but older telecom players such as Bharti Airtel and
Idea Cellular bucked the trend with smart gains.
Shares of realty firm Unitech, one of the promoters of Uninor, plummeted the most by 7% while Reliance Communication and Tata Teleservices fell 3.5% and 3%, respectively. In contrast, Bharti Airtel surged by 7% while Idea Cellular jumped 3%.
"Apart from Bharti and Vodafone, Idea is another competent candidate who will go for the re-bidding of licences because it has a strong customer base and required financial strength," said Ankita Somani, telecom analyst, Angel Broking.
"There is no direct impact of the order on the financials of the real estate business of Unitech and DB Realty as they are separate entity," said Shobhit Agarwal, joint MD, Jones Lang LaSalle India.