Shares in Bharti Airtel and Idea Cellular rose after the government received a tepid response to the 2G auction with only Sistema Shyam biding. Stock prices of India's two major players rose on hopes that the government would now reduce the auction price for the remaining airwaves as only Shyam Sistema bid.
Shares of Bharti Airtel rose almost 4 per cent at Rs 318.30, while Idea Cellular also rose almost 4 per cent at Rs 117.
There were reports that just one company had bid for the 2G auction as prices were too high. Sistema Shyam, a joint venture between the Russian Sistema JSFC and Shyam Teleservices were the only bidders.