With the telecom spectrum auction fetching a record Rs109,874 crore, Finance Minister Arun Jaitley on Wednesday took a jibe at Congress leader Kapil Sibal, saying the ‘zero loss’ theory has been belied. “I am glad that the presumptions that some people had, that spectrum is worth zero, have been belied,” Jaitley said speaking at an event here. Sibal, as Telecom and IT Minister in the previous UPA government, in January 2011 had stated that there was zero loss to the Government as a result of giving away second generation or 2G telecom licences to new players on first-come-first-serve basis in 2008. He had made the comment at a press conference to contradict a report from the Comptroller and Auditor General (CAG) that had put the loss to exchequer from not auctioning the scarce spectrum, which carries telephone calls and data, at Rs1.76 lakh crore.