DB Realty plunges as ED slaps penalty on Etisalat DB

DB Realty has slipped 12% to Rs 75.50 after the Enforcement Directorate (ED) slapped Rs 7,000-crore penalty on telecom firm Etisalat DB on charges of violations of the Foreign Exchange Management Act (FEMA) in the 2G spectrum allocation scam.

“Etisalat DB, a joint venture between UAE-based Etisalat and DB Realty group, has been given 30 days to explain why the company should not be fined Rs 7,000 crore," reports suggest.

A combined 616,616 shares have changed hands on the counter on morning deals.