The five top executives charged in the 2G scandal are going to go behind bars. On Wednesday, a CBI court in Delhi turned down their applications for bail. They include Sanjay Chandra, chairman of Unitech Wireless, Gautam Doshi, managing director of Anil Ambani’s Reliance Group, and Vinod Goenka, managing director of DB Realty.
The judge said the 2G case involved serious corruption charges and that there was incriminating evidence. The five executives have now turned to the Delhi high court, which will hear their case on Thursday.
Stocks of companies to which those executives belong all tanked on a day overall markets made gains. Unitech nosedived 5.13% on the BSE to Rs40.65. And Reliance Communications declined 1.99% by the end of trade. DB Realty meanwhile, fell 4.22% to Rs102.25.
HCL quarterly earnings have beaten expectations. The company reported a 33% rise in net profit to Rs468 crore in the three months to March. The higher profit was mostly because of lower losses from forex transactions. But HCL also saw robust revenue growth of Rs4,138 crore, which is a 31.5% increase. The numbers prompted the company’s shares to rocket up 9.93% on the BSE to Rs522.85.
And while stocks of companies caught up in the 2G scandal tumbled, on the whole, Indian markets soared. The Sensex shot up 349 points to 19,471. And the Nifty jumped 111 to 5,852.