Yesterday Anil Amabani group companies share tumbled down just like cats and dogs! It is heard the promoter of Swan Telecom, which is alleged to have a hand in the 2G scam, is believed to be close to Anil Ambani.
The stock prices of his group companies fell any where between 10% – 20% following rumours that executives of the group would be questioned-or even arrested-as part of the the government crackdown on the investigation of the 2G scam.
The stock which was most affected by the end of the day was Reliance Infra down 19% odd.
Managing Director of DB reality is already in pickle and is arrested for bribing for 2G spectrum. Swan Telecom is floated by DB Reality group.
Reliance Communications is being probed in the 2G scam, along with Unitech, Tata Teleservices, Shyam Telelink (now Sistema Shyam Teleservices) and Swan Telecom (now Etisalat DB Telecom), which have sold stakes in their wireless ventures at significant premiums after they were allocated spectrum. RCom had issued a clarification, saying it owned a 10% stake in Swan Telecom until December 2007 but that it didn’t hold a stake in Swan when the license was granted in 2008. (Source)
If its all about 2G spectrum then why did the Media stock – Reliance Media and Power stock – RPower collapse. Surely there will be some thing hidden!
So do you still have faith in Anil Ambani ? Comment!
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