DB Realty in red as CBI calls Balwa to join 2G tape probe

MUMBAI: Shares of DB Realty were witnessing selling pressure on Wednesday on reports that the Central Bureau of Investigation (CBI) has asked Shahid Usman Balwa, promoter of Swan Telecom and DB Realty, to join the 2G tape conversation probe.

According to reports, the CBI removed AK Singh from the post of its chief prosecutor after his alleged taped conversations with Sanjay Chandra, MD, Unitech. Two persons are heard discussing prosecution strategy in the 2G spectrum case.

Shares of DB realty were beaten down badly after Shahid Balwa’s name was heard in the conversation. Balwa is likely to join the investigations today afternoon. The investigating agency has appointed KK Goyal as its new prosecutor.

Meanwhile, Unitech has rejected the allegations of Chandra speaking with Singh outside the court premises.

At 12:00 pm, DB Realty was at Rs 88.75, down 1.33 per cent, on the BSE. It touched a high of Rs 91.95 and a low of Rs 84.70 in trade today.