Mumbai: Shares of telecom and related companies rallied sharply after all accused in the 2G telecom spectrum scam were acquitted on Thursday. Unitech Ltd surged as much as 20%, DB Realty Ltd zoomed 20%, Reliance Communications Ltd jumped 13.37%, Sun TV Network Ltd advanced 6%, Idea Cellular Ltd rose 3% while Bharti Airtel Ltd was up 0.2%.

A special Central Bureau of Investigation (CBI) court acquitted former telecom minister and Dravida Munnetra Kazhagam (DMK) leader A Raja in a case on alleged irregularities in the 2008 allocation of 2G telecom spectrum and licences—a scandal that contributed to the Congress-led United Progressive Alliance’s electoral downfall in 2014. All other accused, including DMK leader Kanimozhi, were also acquitted in the case.

The telecom scandal had led cancellation of 122 licenses sold to companies, including the local joint ventures of Norway’s Telenor ASA, UAE’s Etisalat and Russia’s AFK Sistema.

Special judge O.P. Saini reserved the verdict on 26 April after hearings ended in related cases involving political figures, bureaucrats and telecom executives. Saini has presided over the trial for six years.

The Comptroller and Auditor General (CAG) has estimated a presumptive loss of Rs1.76 trillion because of flawed allocation of spectrum when A. Raja was telecom minister in the UPA government.

PTI contributed to this story.