Shares of companies linked to the 2G spectrum scam case surged up to 20 per cent on Thursday after a CBI special court acquitted all the accused.
Unitech surged 19.91 per cent before closing at Rs 7.92, 11.86% higher, D B Realty closed higher by 19.89 per cent, Reliance Communications rose by 4 per cent at the time of closing. Sun TV Network 5.98 per cent before closing at Rs 982, 4.51% higher on BSE. Former telecom minister A Raja and DMK MP Kanimozhi were on Thursday acquitted by a special court in the 2G spectrum scam case. Fifteen other accused in the case and three companies were also set free. Others acquitted in the case are former telecom secretary Siddharth Behura, Raja's erstwhile private secretary R K Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra and three top executives of Reliance Anil Dhirubhai Ambani Group (RADAG) - Gautam Doshi, Surendra Pipara and Hari Nair.
Besides them, three telecom firms -- Swan Telecom Pvt Ltd (STPL), Reliance Telecom Ltd and Unitech Wireless (Tamil Nadu) Ltd -- were acquitted in the case. The judge said investigators could not prove that Mr Raja, along with officials from companies that won the licenses for telecom services, had conspired to receive kickbacks from the sale of phone permits, causing a loss of Rs. 1.76 lakh crore to the government. The case became the centerpiece of allegations of egregious corruption on then Prime Minister Manmohan Singh's watch. But as the Congress called it a vindication of their government, the ruling BJP has pointed out that the Supreme Court had accepted that there was corruption and cancelled all 122 licenses handed out by Mr Raja.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)