Telecom stocks tumble on CAG audit scare, down up to 4.4%

  • PTI, Mumbai
  • Updated: Jan 06, 2014 17:16 IST

Telecom stocks on Monday faced selling pressure, falling as much as 4.4%, after the Delhi HC held that the Comptroller and Auditor General of India (CAG) can audit the accounts of private telecom operators under the relevant provisions of the law.



Shares of Tata Teleservices Maharashtra plunged 4.4%, while Idea Cellular fell by 1.88% on the BSE.



Among others, Reliance Communications was down 0.53%. Bharti Airtel also ended marginally down.



The broader market was also sluggish with the Sensex slipping over 64 points.



A bench of justices Pradeep Nandrajog and V Kameswar Rao permitted the top accounting body to conduct audit of private telecom companies under the Telecom Regulatory Authority of India (TRAI) Act.



It rejected the separate petitions of Association of Unified Telecom Service Providers (AUSPI) and Cellular Operators Association of India (COAI) filed against the decision of Telecom tribunal TDSAT on the issue in 2010.



The high court had reserved its order in November 2013, after conducting marathon hearings on the issue where it took on record submissions of the Centre, CAG and the petitioners -- COAI and AUSPI.

From Around the Web
Sponsored by Revcontent

also read

Boeing to deliver two Dreamliners to Air India this year, four more in 2017
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome