Aug 01, 2012, 09.32 AM IST

Unitech slips after Uninor decides to auction mobile biz

Uninor has decided to auction its business of mobile services. Uninor has issued public auction notice with August 6 deadline, reports CNBC-TV18.

Source: Moneycontrol.com

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Norwegian telecom player Telenor's India unit has decided to auction its mobile services business and ancillary operations in various circles. According to CNBC-TV18 report, Uninor will issue a public auction notice with August 6 deadline.

Uninor, a joint venture between Telenor and Indian real estate major Unitech, is among eight carriers set to lose a total 122 zonal permits in September, after a Supreme Court order to revoke all licences granted in a scandal-tainted 2008 sale.

"We will not be able to carry on our business in India after September 7, 2012," a Uninor spokesperson told CNBC-TV18. Uninor expects to be subject to liquidation after that date. A majority of Uninor board had taken this decision on July 30.

Also Read - Uninor decides to auction mobile services biz

Unitech touched an intraday high of Rs 21.70 and an intraday low of Rs 21.25. At 09:21 hrs the share was quoting at Rs 21.35, down Rs 0.30, or 1.39%.

It was trading with volumes of 70,757 shares. In the previous trading session, the share closed up 1.41% or Rs 0.30 at Rs 21.65.

The share touched its 52-week high Rs 37.95 and 52-week low Rs 17.45 on 22 Feb, 2012 and 20 Dec, 2011, respectively.

Currently, it is trading -43.74% below its 52-week high and 22.35% above its 52-week low.

Market capitalisation stands at Rs 5,585.80 crore.