RCom, Unitech shares tumble on 2G spectrum probe fears
Stocks of telecom firm Reliance Communications and realty major Unitech plunged as much as 10% in a highly volatile market today, amid concerns that they may be probed as being a part of the 2G spectrum allocation scam.india Updated: Nov 18, 2010 16:28 IST
Stocks of telecom firm Reliance Communications and realty major Unitech plunged as much as 10% in a highly volatile market on Thursday, amid concerns that they may be probed as being a part of the 2G spectrum allocation scam.
Nervous investors sold heavily, leading to fall in RCom shares which tanked 10.13% to touch a low of Rs 145.40 on the Bombay Stock Exchange (BSE). The stock was the worst performer among the frontline scrips.
Similarly, Unitech which has a telecom joint venture with Norway's Telenor, tumbled 10.28% to a low of Rs 66.70 on BSE.
At the National Stock Exchange (NSE) , RCom was trading at Rs 148.95, down 7.8%, while Unitech was quoting at Rs 69.30, with a loss of 6.7%.
Comptroller and Auditor General found irregularities in the allocation of 2G spectrum (radio waves) and said that Swan Telecom, one of the companies that got the licence, appeared to act as a "front company" of RCom.
It has also accused Unitech for misrepresenting the facts to the government to get telecom licences, along with the spectrum, in 2008.
Meanwhile, the BSE barometer Sensex was trading firm at 19,937.99, up 72.85 points.
First Published: Nov 18, 2010 13:55 IST