DB Realty, Unitech, Reliance Comm fall as court rejects bail pleas

Shares in DB Realty , Unitech and Reliance Communications fell on Wednesday, after a court rejected bail applications of executives involved in the telecoms graft trial.

Shares in DB Realty , Unitech and Reliance Communications fell on Wednesday, after a court rejected bail applications of executives involved in the telecoms graft trial.

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Former telecom minister A Raja, three telecom firms and six business executives have been charged with manipulating the grant of telecom licences and radio airwaves in 2007-08 that a state auditor said could have caused the Indian government a loss of $39 billion in revenue.

Shares in Unitech, the Indian joint ventures of Norway's Telenor and the UAE's Etisalat, fell 7.3%, DB Realty fell 7% and Reliance Communications shares were down 5.6% while the main stock index was up 0.6% at 1.05pm.