Sensex dips as telecom scrips come under hammer

Telecom scrips came under pressure with CBI intensifying investigation into the 2G spectrum allocation scam.

Sellers pulled down the sensitive BSE index by 238 point on fears that banks’ profitability will be eroded due to their decision to hike deposit rates,while telecom scrips came under pressure with the CBI intensifying investigation into the 2G spectrum allocation scam.

Besides the banking sector concerns,the sentiment was also impacted by the fall in telecom stocks,as CBI searched homes of former communications minister A Raja and other officials in the 2G spectrum allocation scam.

The Bombay Stock Exchange barometer Sensex saw a weak opening and ended in the negative terrain,losing 1.91 per cent or 238.16 points at 19,696.48.

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A similar movement was witnessed in the National Stock Exchange’s wide based Nifty which declined by 1.22 per cent or 72.85 points to settle the day at 5,903.70.

Besides,the fall in shares of the telecom giant Reliance Communications for the fourth continuous day added to the market woes. With a decline of 3.21 per cent,the scrip was the worst Sensex performer. Rival firm Bharti Airtel too dipped by 0.37 per cent.

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