Unitech up over 2% as MD Sanjay Chandra gets relief from CBI

MUMBAI: Shares of realty company Unitech gained momentum in early trade after the Central Bureau of Investigation (CBI) did not find any criminality into the telephonic conversation between its managing director Sanjay Chandra and former CBI counsel AK Singh.

"The investigating agency (CBI) says the conversation between the Chandra and AK Singh had no impact on the prosecution of the 2G case," CBI sources told ET Now.

CBI sources added that "The investigation into the taped conversation does reveal that our prosecutor had divulged trial details to Sanjay Chandra. But if this information has had no impact on the 2G prosecution so far, then there is no criminality that can be proved."

Earlier in the month of March, JPMorgan downgraded Unitech from 'overweight' rating to 'underweight' citing project delays and non-core issues pertaining to 2G telecom investigation to settle down before they turn positive on the stock.

The brokerage firm has also lowered its price target for the stock from Rs 33 to Rs 25.

At 09:30 a.m.; the stock was at Rs 28.25, up 2.54 per cent, on the BSE. It touched a high of Rs 28.75 and a low of Rs 28 in early trade.