Unitech shares jump 9 pct after sell-off

Feb 16, 2011 |

Reuters

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New Delhi: Shares in Unitech Ltd(UNTE.BO), India's second-biggest listed real estate firm, jumped as much as 9.4 per cent 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 per cent so far in 2011.

Unitech has denied any wrongdoing.

On Tuesday, the CBI questioned Unitech's managing director as part of a probe into the alleged telecoms corruption scandal.

At 0420 GMT, Unitech shares were up 7.2 per cent at 37.45 rupees in a Mumbai market that had gained 0.3 per cent.

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