ADAG shares under pressure; Reliance Capital plunges 14% in two days

Shares of Anil Dhirubhai Ambani Group (ADAG) companies are under pressure, slipping by up to 14 per cent on Thursday, and extending their Tuesday’s 6 per cent fall on the BSE on back of heavy volumes.

Reliance Power (down 14 per cent at Rs 8.16) and Reliance Communications (down 5 per cent at Rs 2.20) hit their respective all-time lows today.

Reliance Capital has slipped 9 per cent to Rs 157, falling 15 per cent in past two trading sessions. According to the shareholding pattern data for March 2019 quarter filed by the company reveals that the promoters' stake in Reliance Capital has slipped below 50 per cent. Reliance Capital witnessed a 4.79 percentage point (ppt) decline in the promoter stake in the recently concluded quarter to 47.48 per cent. The promoters held 52.24 per cent stake in the company at the end of December 2018 quarter. 

On the other hand, promoters holding in Reliance Communications (RCom) declined by a huge 31 ppt to 22 per cent in the March 2019 quarter from 53.08 per cent at the end of December 2018 quarter. The pledged shares belonged to promoters, including that of Anil Ambani, his family members and RCom group entities, according to a BSE filing.

As per a Business Standard report, the National Company Law Appellate Tribunal (NCLAT) has asked RCom Chairman, Anil Ambani, to respond to a contempt petition moved by HSBC Daisy Investments (Mauritius) within 10 days. The appellate tribunal will now hear HSBC Daisy’s plea against Ambani and his company Reliance Infratel on May 20. CLICK HERE TO READ FULL REPORT

RELIANCE POWER 8.50 9.47 -10.2
RELIANCE CAPITAL 159.00 173.30 -8.3
RELIANCE INFRA. 123.95 131.80 -6.0
RELIANCE HOME 28.70 30.15 -4.8
REL. COMM. 2.20 2.31 -4.8
RELIANCE NAV.ENG 8.24 8.41 -2.0
RELIANCE NIP.LIF 195.90 198.25 -1.2

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