Reliance Comm, Unitech, DB Realty shares up after execs get bail
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Shares in DB Realty, Unitech and Reliance Communications jumped between 4 and 20 percent on Wednesday after India's Supreme Court granted bail to five company executives charged in the multi-billion dollar 2G telecom spectrum licensing scandal.
Cartoon: The government's inflation confession
Sanjay Chandra, the managing director of Telenor's India partner Unitech; Vinod Goenka, chairman of Etisalat's India partner DB Group; and three executives from billionaire Anil Ambani's group have been held in jail since April, following rejection of their bail pleas in lower courts.
They are among 14 individuals and three companies charged in alleged rigging of a 2007/08 grant of lucrative telecoms licences that a state auditor said cost the government up to $39 billion in revenue.
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