Update on the 2G auction:

The telecom spectrum auction opened today to a lukewarm response with key circles such as Delhi and Mumbai finding no takers in the initial rounds. There were no applications for pan-India spectrum, the base price for which was set at Rs 14,000 crore that the industry said was too high.

The government was looking to raise Rs 40,000 crore from the auction. At the end of the first round, sources said there were no bidders for Delhi, Mumbai, Rajasthan and Kolkata circles. There was some interest for spectrum for Uttar Pradesh (East) circle at the end of second round in the afternoon.