The blasts were blamed on Pakistan-based Lashkar-e-Taiba (LeT), which New Delhi also says carried out the November attacks in Mumbai that killed 166 people and raised tension between India and Pakistan.
Last week, Ashrat Ansari, Mohammad Hanif and his wife Fehmida were found guilty of conspiring with the LeT in the two blasts in Mumbai in August 2003 at a jewelry market and a popular tourist spot that also wounded 200 people.
"The court has awarded the death sentence to all three found guilty in this rarest of rare case," said Ujjwal Nikam, the public prosecutor, who had pressed for the death penalty for the three, despite pleas for a lesser sentence for the woman.
"We are happy that we have shown that people responsible for acts of terror will be punished in a befitting manner," he said.
The prosecution had charged that the plot was hatched in Dubai with several Pakistani LeT co-conspirators.
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