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Daiwa said it has downgraded its rating on Unitech due to increasing concerns about the impact on Unitech from an ongoing probe by the Indian government into the allocation of 2G (second-generation) licences in 2008.
At 11:09 a.m. (0539 GMT), shares in Unitech were down 8.5 percent at 34.55 rupees, while the main stock index was down 0.7 percent.