Government on Friday rejected CAG estimates of losses of Rs 1.76 lakh on account of allocation of 2G spectrum to telecom operators saying it "had no basis and was utterly erroneous".

"We are extremely pained at methodology adopted by CAG (Comptroller and Auditor General) for arriving at 2G spectrum (allocation loss) figures... that have no basis", Telecom Minister Kapil Sibal told reporters here. The CAG estimates on losses arising from sale of 2G spectrum, the minister added, were "utterly erroneous".