Prime Minister Narendra Modi may have just lost his most-used political weapon -- his anti-corruption crusade.
A court in New Delhi acquitted former telecommunications minister A Raja in the country's biggest graft case, which investigators alleged had cost the government as much as $4.8 billion. All others involved in sale of airwave licenses in 2008 were also acquitted.
With eight states going to polls in the coming year, the verdict is seen as a blow to PM Modi's Bharatiya Janata Party, which has won a series of elections since 2014 capitalizing on corruption charges against the previous Congress-led government.
"This is a very awkward moment for Prime Minister Modi -- his entire campaign was built around allegations about this multi-billion scam and that the previous government was corrupt," said Nilanjan Mukhopadhyay, a political analyst and author of a biography on PM Modi.
The Gujarat verdict that showed that PM Modi "is not all that invincible," said Mr Mukhopadhyay.
The lower court acquitted former Indian telecommunications minister A Raja on charges of corruption and cheating in the sale of airwave licenses in 2008 that derailed the-then Manmohan Singh-led government.
"This is a huge setback for BJP's anti-corruption plank," said Arati Jerath, a New Delhi-based author and political analyst. "They have lost a major political weapon and now have to re-strategize for 2019."
The court ruled "the spectrum sale was a notional loss and not a scam," said Mohan Guruswamy, chairman at New Delhi-based Centre for Policy Alternatives and an adviser in the previous BJP government. "It's doubtful if the government will go for strong appeal against the judgment. Politicians don't like to prosecute possible future allies or corporates."
Shares of companies whose officials were acquitted surged after the court verdict. Unitech jumped 12.77 percent at 3:16 p.m. in Mumbai, Reliance Communications was up 3.82 percent while D B Realty surged 19.94 percent. The S&P BSE Sensex and NSE Nifty 50 Index were little changed.
A court in New Delhi acquitted former telecommunications minister A Raja in the country's biggest graft case, which investigators alleged had cost the government as much as $4.8 billion. All others involved in sale of airwave licenses in 2008 were also acquitted.
With eight states going to polls in the coming year, the verdict is seen as a blow to PM Modi's Bharatiya Janata Party, which has won a series of elections since 2014 capitalizing on corruption charges against the previous Congress-led government.
"This is a very awkward moment for Prime Minister Modi -- his entire campaign was built around allegations about this multi-billion scam and that the previous government was corrupt," said Nilanjan Mukhopadhyay, a political analyst and author of a biography on PM Modi.
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The Gujarat verdict that showed that PM Modi "is not all that invincible," said Mr Mukhopadhyay.
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The lower court acquitted former Indian telecommunications minister A Raja on charges of corruption and cheating in the sale of airwave licenses in 2008 that derailed the-then Manmohan Singh-led government.
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"This is a huge setback for BJP's anti-corruption plank," said Arati Jerath, a New Delhi-based author and political analyst. "They have lost a major political weapon and now have to re-strategize for 2019."
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The court ruled "the spectrum sale was a notional loss and not a scam," said Mohan Guruswamy, chairman at New Delhi-based Centre for Policy Alternatives and an adviser in the previous BJP government. "It's doubtful if the government will go for strong appeal against the judgment. Politicians don't like to prosecute possible future allies or corporates."
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Shares of companies whose officials were acquitted surged after the court verdict. Unitech jumped 12.77 percent at 3:16 p.m. in Mumbai, Reliance Communications was up 3.82 percent while D B Realty surged 19.94 percent. The S&P BSE Sensex and NSE Nifty 50 Index were little changed.
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