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Telecom stocks rise after 2G scam verdict

At S&P BSE, scrip of Reliance Communications rose by 4.05% to Rs 17.97 per equity share

IANS  |  Mumbai 

Telecom stocks rise after 2G scam verdict

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 rose by 4.05 per cent to Rs 17.97 per equity share from its previous close.

Similarly, the stock of Idea Cellular gained by 3.37 per cent 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 per cent to Rs 7.92.

However, industry major Airtel's stocks traded on a flat-to-negative note.

The stock price slipped by 0.88 per cent to Rs 523.95.

The upward movement in telecom stocks' prices came after Special Judge acquitted all the accused, including then Telecom Minister and DMK MP Kanimozhi, in both the cases filed by the (CBI) and (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 (CAG).

First Published: Thu, December 21 2017. 18:02 IST
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