The weekend move by India’s federal investigations agency to file formal charges in connection with the alleged rigging of spectrum licensing in 2008 may be an important step towards cleaning up the telecom sector.
But in the meantime it’s left some of India’s top phone companies rather unpopular on the exchanges on Monday, even though the firms named by the Central Bureau of Investigation for allegedly having benefited from a flawed process were no surprise.
Shares of Reliance Communications Ltd. closed down 2.2% at 109.15 rupees ($2.4), Unitech Ltd. was down 1.3% at 41.30 rupees ($0.92) and DB Realty closed down 2.3% at 113.80 rupees in a strong Mumbai market.
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