DB Realty tumbles over 3 % on denial of bail to Balwa | business | Hindustan Times
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DB Realty tumbles over 3 % on denial of bail to Balwa

business Updated: Nov 03, 2011 12:44 IST

Shares of DB Realty reacted sharply to the Delhi court order dismissing the bail petition of promoter Shahid Balwa in the 2G scam case on Thursday and tanked more than 3 % on the bourses.

A Delhi court on Thursday dismissed the bail pleas of DMK MP Kanimozhi and seven others in the 2G spectrum allocation case, including Shahid Balwa.

The stock, which opened on a bullish note and maintained its momentum in early trade even in a bearish market, fell by 3.47 % to a low of Rs 70.75 on the BSE following the order.

On the National Stock Exchange as well, the stock witnessed a similar fate, falling by 3.33 % after opening at Rs 74.30 to a low of Rs 71.

Ahead of the trial court order, the stock had seen an early high of Rs 79.55, a jump of over 8 % on the NSE. On the BSE, the stock had witnessed a high of 79.60.

The stock was later trading 1.23 % lower at Rs 72.40 on the BSE and down 1.43 % at Rs 72.40 on the NSE at 1143 hours.

On the volume front, good movement was witnessed, with over 15.61 lakh shares exchanging hands on the BSE and more than 30.66 lakh shares traded on the NSE by 1143 hours.

The petitioners whose bail pleas were dismissed were former Telecom Secretary Siddharth Behura, former Telecom Minister A Raja's erstwhile Private Secretary RK Chandolia, Swan Telecom promoter Shahid Usman Balwa, Kalaignar TV MD Sharad Kumar, Kusegaon Fruits & Vegetables directors Asif Balwa and Rajiv Agarwal and Bollywood film-maker Karim Morani.