Telecom stocks rally up to 20% after 2G case verdict

Unitech surged 19.91 percent, D B Realty 19.89 percent, Reliance Communications 13.49 percent and Sun TV Network 5.98 percent on the BSE.

New Delhi: Shares of companies linked to the 2G spectrum scam case surged up to 20 percent on Thursday after a special court acquitted all the accused.

Scrip of Reliance Communications rose by 9.15 percent to Rs 18.85 from its previous close. Similarly, stock of Idea Cellular gained by 3.72 per cent to Rs 101.70.

In addition, share price of real estate major Unitech surged 19.91 percent while that of D B Realty rose 19.89 percent on the BSE.

Former telecom minister A Raja and DMK MP Kanimozhi were today 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.

With Agency Inputs