Telecom stocks rise after 2G spectrum case judgment
The upward movement in telecom stock prices came after a special court acquitted all the accused, including then telecom minister A Raja and DMK MP Kanimozhi, in the 2G spectrum cases.business Updated: Dec 21, 2017 18:39 IST
Telecom stocks rose on Thursday after a Delhi court acquitted all the accused in the alleged multi-thousand crore rupee 2G spectrum scandal.
At the S&P BSE, the scrip of Reliance Communications rose by 4.05% to Rs 17.97 per equity share from its previous close.
Similarly, the stock of Idea Cellular gained by 3.37% to Rs 101.35.
In addition, the share price of real estate major Unitech, which was involved in the alleged scam, rose by 11.86% to Rs 7.92.
However, industry major Airtel’s stocks traded on a flat-to-negative note. The stock price slipped by 0.88% to Rs 523.95.
The upward movement in telecom stocks’ prices came after Special Judge OP Saini acquitted all the accused, including then telecom minister A Raja and DMK MP Kanimozhi, in both the cases filed by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).
The alleged scam on the issuance of licences and allocation of 2G spectrum by the Department of Telecom occurred during the Congress-led UPA government’s first tenure in 2008, but was widely reported in 2010 following a report by the Comptroller and Auditor General of India (CAG).