New Delhi: Major telecom service provider Bharti Airtel shares of telecom giant Bharti Airtel on Monday noticed down by 4.43 percent in morning trade at the Bombay Stock Exchange (BSE) following raids at its office by the Central Bureau of Investigation (CBI) on Saturday.
CBI on Saturday has raided Bharti Airtel Gurgaon office, while another telecom firm Vodafone's offices in Mumbai and Delhi and the houses of two former telecom officials after the agency filed a new case in allocation of additional 2G spectrum when the late Pramod Mahajan was telecom minister during the NDA government.
Agency has also registered a case against nameless officials of the Department of Telecommunication.
Bharti scrip slipped 4.43 percent to an intra-day low of Rs.386 in morning trade at the BSE. It later recovered and was noticed down by 1.26 percent at Rs.392.65 in noon.
The probe agency had registered the case against the telecom major on Thursday evening for alleged irregularities in the grant of additional spectrum and causing a loss of approximately Rs.508.22 crore to the exchequer during the period 2001 and 2007.
According to CBI, the officials with the approval of Mahajan allegedly took a wrong decision on January 2001 to allocate additional spectrum beyond 6.2 megahertz in violation of the Technical Committee's report.
They also allocated the companies spectrum till 10 megahertz at the fee of an incremental one percent adjusted gross revenue (AGR), instead of charging two percent of AGR for beyond 6.2 megahertz.
According to the norms prevailing at the time, till 8 megahertz, the company should have been charged two percent.