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Audit firm complains against RCom; stock down
February, 09th 2011

Jaipur based audit firm Parakh & Co has approached the telecom ministry second time complaing against RCom. In its latest complaint, the firm has sought 'urgent intervention' from the telecom department to 'restrain RCom from adopting coercive tactics against it, and also withdraw proceedings against the firm at various forums.'

In addition to that, a development that can lead to huge financial implications for existing as well as new operators, has also kept the stock under pressure.

Ttelecom regulator TRAI has recommended fixing the price for 6.2 Mhz of pan-India start-up 2G spectrum at Rs 10,972.45 crores, more than six times the present cost of Rs 1,658 crore. In its recommendations to the Department of Telecom, Trai has also said that every Mhz of additional spectrum (on an all-India basis) beyond the contracted limit of 6.2 Mhz would cost a massive Rs 4,571.87 crores.

The stock was at Rs 108.35, down 1.90 per cent on the NSE. The scrip touched a low of Rs 105.15 and high of Rs 109.80 in trade so far.

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