Shares of Reliance Communications, Unitech, DB Realty gain as execs get bail
Shares of Reliance Communications, Unitech and DB Realty today soared by as much as 20% on the bourses, after the Supreme Court ordered grant of bail to the senior executives of these companies.
Cheering the news, shares of DB Realty skyrocketed 19.96% to its highest permissible limit for the day at Rs 64.60 on the BSE.
Soon after the court direction, the Unitech stock also soared 9.86% to Rs 24.50 and Reliance Communications jumped 6.93% to a high of Rs 74.80.
In the first bail in the ongoing 2G spectrum case, the Supreme Court this morning ordered release of five corporate executives -- Unitech's Sanjay Chandra, Swan Telecom Director and DB Realty MD Vinod Goenka and Anil Ambani-led Reliance Group executives Hari Nair, Gautam Doshi and Surrendra Pipara.
They have been asked to furnish two sureties of Rs 5 lakh each to the satisfactiion of the special judge holding the trial of the case as bail condition.
The five executives were arrested on April 20.
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1 comment:
Well at least the corporates get a chance to properly present their case while the CBI is trying to screw their happiness under the government's guidance.
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