Jagan, who was named as the key accused in the case, was arrested on May 27 and is under judicial remand at Chanchalguda jail here.
Justice Samudrala Govindarajulu had completed hearings on the petition on June 27 and had reserved the orders for today. While noted lawyer Ram Jethmalani had argued for Jagan, senior counsel Ashok Bhan had represented CBI.
The CBI counsel had argued that the case involved financial irregularities to the tune of Rs 43,000 crore and the agency is investigating the fund flow into Jagan's companies.
Bhan had contended that giving bail to the accused at this time may hamper investigation as the probe agency is yet to file some more charge sheets in the case.
On the other hand, Jethmalani had argued that Kadapa MP Jagan's arrest is politically motivated and there is no absolute evidence about his client being non-cooperative with CBI or the possibility of his tampering with the evidence.
Jagan is being "harassed by CBI at the behest of their political bosses," Jethmalani had alleged.
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CBI, in its three charge sheets filed against him and others, has alleged that Jagan and his father, late Andhra Pradesh Chief Minister YSR Rajasekhara Reddy had hatched a conspiracy to defraud the government with the son influencing the father in doling out certain favours to various industries, which made investments of crores of rupees into Jagan's business as a quid-pro-quo arrangement.
Jagan's close aide and auditor Vijay Sai Reddy, who was arrested by CBI in the same case, was granted bail earlier by a local CBI Special Court.