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Unitech shares tank as CBI removes prosecutor in 2G case

Unitech shares tank as CBI removes prosecutor in 2G case

Shares of Unitech on Tuesday plummeted by nearly 25 per cent 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.

Shares of Unitech on Tuesday plummeted by nearly 25 per cent on Tuesday 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.

At close of trade on Tuesday, shares of Unitech were down17.86 per cent at Rs 28.75 on the BSE.

The audio tape of the purported conversation between A K Singh, the CBI prosecutor, and Chandra was played on a TV channel last night, wherein Singh purportedly suggested how a key prosecution witness would depose in the special court hearing the 2G case.

CBI on its part said that Singh has been removed from the 2G case trial's prosecution team and a preliminary enquiry has been registered to verify these allegations.

Unitech has rejected the allegations, saying Chandra has never met the prosecutor in the 2G case outside the court or had any phone conversation with him.

Intra-day, the stock plunged 24.71 per cent to Rs 26.35. On NSE, the stock settled at Rs 28.65, down 17.91 percent from its previous close.

In terms of volumes, 336.30 lakh shares of the companychanged hands on the BSE, while over 17 crore shares weretraded on NSE.

In the broader market, the BSE 30-stock index, Sensex,ended at 19,561.04, up 100.47 points.


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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Feb 12, 2013, 2:22 PM IST
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