Unitech shares jump 9% after sell-off
At Tuesday's close, Unitech shares were down about 47% so far in 2011.
Shares in Unitech Ltd, India's second-biggest listed real estate firm, jumped as much as 9.4% in early afternoon trade, rising after a sell-off amid allegations that the company was among those who favoured in telecoms licence grants in 2008. At Tuesday's close, Unitech shares were down about 47% so far in 2011. On Tuesday, the CBI questioned Unitech's managing director as part of a probe into the alleged telecoms corruption scandal.
Unitech has denied any wrongdoing. At 0420 GMT, Unitech shares were up 7.2% at Rs37.45 in a Mumbai market that had gained 0.3%.