Mumbai: Shares of Unitech on Wednesday oscillated wildly before settling flat on the BSE, a day after losing nearly 18 percent as the CBI started an enquiry to verify alleged discussion of a public prosecutor in the 2G spectrum case with the company's managing director.
In early trade shares of Unitech recovered by 5.21 percent to touch a high of Rs 30.80 apiece on value buying after yerterday's steep losses.
Later, the scrip touched a low of Rs 28.35 apiece before settling flat at Rs 28.75 apiece on BSE whose sensitive index Sensex closed 47 points up at one-week high of 19,608.08.
On the National Stock Exchange, Unitech closed at Rs 28.65, down 0.35 percent from its previous closing price. In just two trading sessions Unitech's market capitalisation has eroded by Rs 1,642 crore to Rs 7,516 crore.
Marketmen attributed the fall in the counter to the ongoing CBI proceedings and good third quarter results could not lift the investor sentiments.
Unitech on Wednesday reported 52.43 percent jump in consolidated net profit at Rs 84.17 crore for the third quarter ended December 2012 on higher sales realisation and lower finance cost.
Unitech had tanked 17.86 percent yesterday, after the CBI removed a public prosecutor from the 2G spectrum case to verify his alleged discussions on prosecution strategy with the realty firm's MD and an accused in the case, Sanjay Chandra, in a taped conversation.
Unitech had, however, issued a statement rejecting the allegations saying Chandra has never met the prosecutor in the 2G case outside the court or had any phone conversation with him.
"It is nothing but an attempt to malign him and prejudice his defence in the 2G case," the company's statement had said.