Former telecom minister Andimuthu Raja, former telecom minister and prime accused in the 2G spectrum sale, was granted bail by the sessions court on Tuesday, which lifted several scam-tainted scrips.
DB Realty jumped 8.45 percent, SpiceJet (owned by the Maran family) soared 6 percent, while Sun TV (also owned by the Marans) climbed 3.5 percent. RCom also rose by 2 percent.
According to media reports, Raja will have to pay two sureties of Rs 20 lakh each. Raja has been in Tihar jail since 2 February, 2011.
Many top corporate honchos were arrested in connection with the 2G scam: Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) Ltd’s managing director, Sanjay Chandra; and three top officials of Anil Ambani’s Reliance group, Gautam Doshi, Surendra Pipara and Hari Nair.
Raja is accused of engineering a loss of Rs 1.4 lakh crore loss to to the exchequer by selling spectrum to telecom companies on a first-come first-serve basis instead of auctioning it.