By IANS,
Mumbai : Shares of Reliance Communications, DB Realty and Unitech shot up Wednesday after the Supreme Court granted bail to key executives who are accused of involvement in the 2G spectrum scam.
Following the apex court’s orders for bail, shares of telecom major Reliance Communications rose 6.93 percent in the morning session to an intra-day high of Rs.74.80 at the Bombay Stock Exchange.
However, the selling spree in the market resulted in the scrip paring most of its gains by end of trade.
Shares of real estate major DB Realty shot up 19.96 percent to touch the upper circuit limit at Rs.64.60. Although it slipped a bit in the afternoon, the scrip regained to touch the upper circuit limit again.
The Unitech scrip too soared 9.86 percent and touched the intra-day high at Rs.24.50. It, however, shed some of the gains and closed the day at Rs.23.30, up 4.48 percent.
The executives who got bail Wednesday include Sanjay Chandra of Unitech Wireless, Vinod Goenka of Swan Telecom, and Reliance Group’s Gautam Doshi, Surendra Pipara and Hari Nair.
They had spent seven months in the custody as co-accused in the second generation (2G) spectrum allocation case. The Supreme Court Wednesday granted them bail on a surety of Rs.5 lakh each.
These executives are among the 14 individuals accused in the case, led by former telecom minister A. Raja.
The five executives had challenged the earlier judgment and common order of the Delhi High Court delivered May 23, which rejected their bail pleas, due to the magnitude of the offence and gravity of the accusations against them.