DB Realty Touches All-Time Low On CBI Investigation Report
Submitted by Gurpreet Singh on Fri, 02/04/2011 - 08:52
Mumbai-based realty firm DB Realty declined more than 8% to an all-time low on the Bombay Stock Exchange (BSE) in today's session following report that the CBI is inspecting the transfer of more than Rs 200 crore by the company to Kalaignar TV during FY2009-10, which came to light during explorations into the allotment of 2G spectrum.
As per the report, Rs 214 crore was shifted by DB Realty to Kalaignar TV, which is a broadcaster majority-owned by Karunanidhi's family members, through two other firms in the 2009-10 fiscal.
The report said that the funds were utilized for a unit called Cineyug to pick a more than 30% equity stake in the TV channel.
Responding to the reports, scrips of DB Realty declined 8.23% to a record low of Rs 142.65 per share on the Bombay Stock Exchange .
In the same way, the company's shares dipped 8.65% to Rs 142 during morning trade on the National Stock Exchange .
Investigating firms are involved in the matter, as the telecom arm of the company figures among the firms, which posketed 2G licences in the year 2008, supposedly at throwaway rates.
The DB group's telecom arm afterward sold its 45% equity holding to UAE-based Etisalat for $900 million in the year 2009.
In the meantime, the BSE Sensex was ruling 40.40 points up, at 18,489.71, at 1054 hours.
