Unitech plunges 20% on fresh 2G allegations

Stocks

oi-Sneha

By Sneha B K

Published: Tuesday, February 12, 2013, 11:37 [IST]

Unitech Ltd on Tuesday plunged 20% on reports of fresh 2G allegations. The reports said that Central Bureau of Investigation (CBI) has removed a public prosecutor from the 2G spectrum case.

This move came after he was allegedly caught in a taped conversation discussing prosecution strategy with one of the high-profile accused Sanjay Chandra, Managing Director of Unitech, reports PTI.

Few days ago, a Preliminary Enquiry (PE) has been registered and both Singh and Chandra were questioned in the CBI headquarters on Monday in connection with the case.

However, the company strongly denied the allegations. The company's third quarter results are expected tomorrow.

Shares of the company plunged 19.75 % to Rs 28 on BSE at 11.30 am IST. It touched an intra-day low of Rs 26.35.

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