| Corporate | | | 2G aftermath: Unitech shares fall | | | TT Correspondent | | 29 Apr 2011 | | |   The news of Enforcement Directorate Shares deciding to attach the properties of companies facing probe in the 2G scam has started showing its impact with of Unitech, DB Realty and Reliance Communications falling in the range of 4.22-7.54 per cent on BSE amid concerns that Enforcement Directorate might attach properties of the companies involved in 2G scam.
Realty firm Unitech tumbled by 7.54 per cent on the Bombay Stock Exchange (BSE) to close at Rs 37.40. In intra-day trade, the scrip shed 8.52 per cent to touch a month's low of Rs 37.
Shares of DB Realty too fell by 4.22 per cent to close at Rs 98.85, while Reliance Communications scrip dropped by 5.13 to settle at Rs 99.85.
The Enforcement Directorate told the Supreme Court that property worth Rs 2,000 crore each will be attached of two companies which are involved in the 2G spectrum scam during the tenure of former telecom minister A Raja.
Senior advocate K K Venugopal, appearing for the ED, did not mention the names of the companies but assured that attachment proceedings will be initiated soon and will be completed within two months.
The status report did not name the companies, but media reports named these companies as Swan Telecom, now known as Etisalat DB and alleged to be a front company of Reliance Communications, and Unitech Wireless.
Etisalat DB is a joint venture between Abu Dhabi's Etisalat and the DB Group, parent of DB Realty. Unitech Wireless is a joint venture between Unitech and Norway's Telenor. |
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