2G spectrum scam verdict: After acquittal of A Raja and Kanimozhi; shares of Unitech, DB Realty, Sun TV rally 6-20%
Shares of telecom and related companies rallied sharply after all accused in the 2G telecom spectrum scam were acquitted on Thursdaybusiness Updated: Dec 21, 2017 13:53 IST
Shares of telecom and related companies rallied sharply after all accused in the 2G telecom spectrum scam were acquitted on Thursday. Unitech Ltd surged as much as 20%, DB Realty Ltd zoomed 20%, Reliance Communications Ltd jumped 13.37%, Sun TV Network Ltd advanced 6%, Idea Cellular Ltd rose 3% while Bharti Airtel Ltd was up 0.2%.
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A special Central Bureau of Investigation (CBI) court acquitted former telecom minister and Dravida Munnetra Kazhagam (DMK) leader A Raja in a case on alleged irregularities in the 2008 allocation of 2G telecom spectrum and licences—a scandal that contributed to the Congress-led United Progressive Alliance’s electoral downfall in 2014. All other accused, including DMK leader Kanimozhi, were also acquitted in the case.
The telecom scandal had led cancellation of 122 licenses sold to companies, including the local joint ventures of Norway’s Telenor ASA, UAE’s Etisalat and Russia’s AFK Sistema.
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