1) The 2G spectrum case involved government officials undercharging mobile companies for frequency allocation licenses, resulting in an estimated loss of 1.76 lakh crore rupees. 2) Telecom Minister A. Raja ignored standard procedures by not holding an auction and changing rules to favor some companies. He allocated 122 licenses at 2001 prices rather than market rates. 3) The case accused several politicians, bureaucrats, corporate executives, and media professionals of involvement in the scandal. It had major negative impacts on the stock market, government, customers, investors and new operators.