Indian shares edge up; Reliance Comm, Unitech fall
Reliance Communications Ltd. and Unitech Ltd. dropped in Mumbai trading. This decline was seen after the officials at their groups were charged by federal investigators in an investigation into the sale of mobile-phone licenses.
Unitech closed down about 16 percent. This decline was seen the most in more than four months. Reliance Communications which is owned by billionaire Anil Ambani’s had its sharp decline in three weeks.
The Central Bureau of Investigation (CBI) has charged the executives at three Indian companies, Anil Ambani’s Reliance group and a former telecommunications minister on 2nd April. And now they would further investigate in the matter. The next enquiry regarding this will be done on April 13.
Prime Minister Manmohan Singh has agreed in February to a parliamentary explore of the license sales. This was possible after the opposition protested the legislation.
CBI had taken action against the former telecommunications minister Andimuthu Raja, his personal secretary named R. K. Chandolia. Along with this Siddhartha Behura, former telecommunications department secretary and former DB Realty Ltd were accused.
Moreover DB Realty Managing Director Vinod Goenka, M. D Shahid Balwa and Unitech Ltd. Managing Director Sanjay Chandra were also present in the list of CBI.