Rcom hits record low on 2G scam probe extension
01 Oct 2011
Reliance Communications Ltd (Rcom), the flagship of Anil Ambani's ADAG group, was down to a record low in Mumbai trading yesterday, falling below the stocks of other group companies, on news of investigators widening the probe into the 2G scam.
Reliance Communications fell 7.5 per cent to Rs71.75 at the 3:30 pm close of trading in Mumbai, the lowest level since trading in its shares started in 2006. Reliance Capital Ltd (RCAPT) fell 12 per cent to Rs315.15, while Reliance Infrastructure Ltd (RELI) lost 7.4 per cent at Rs373.45, the lowest in 8 years.
The Central Bureau of Investigation (CBI) is probing the role of Ambani's Reliance Telecom Ltd and as also its gains from the sale of mobile-phone licences to ineligible companies.
According to the agency's statement in court yesterday, it would extend the probe in the light of the three arrested group officials retracting their earlier statements recorded during the case.
K K Venugopal, counsel for the CBI, said investigators were probing the role of Reliance Telecom, a Reliance Communications unit, in the transfer of Swan Telecom Pvt Ltd to Mauritius-based Delphi Investments Ltd.
Reliance ADA group managing director Gautam Doshi and senior vice presidents Hari Nair and Surendra Pipara were among nine people charged in April and later arrested by the CBI in connection with the probe of a government sale of wireless permits to ineligible companies.