Billionaire Anil Ambani-owned companies once again took a beating at the stock markets over the 2G spectrum case on Friday. Their shares fell 3-13 per cent on stock exchanges, a day after the Central Bureau of Investigation (CBI) told the Supreme Court if the three jailed Reliance Telecom executives turned approvers, it would help clear who the real beneficiaries of the transactions were.
On the Bombay Stock Exchange (BSE), shares of Reliance Broadcast Network tumbled the most, by 12.9 per cent, to close at Rs 68.95. Reliance Capital lost 12.2 per cent to Rs 315.20, Reliance Communications declined 7.6 per cent to Rs 71.75, Reliance Infrastructure gave up 7.4 per cent to close at Rs 373.55.
Reliance MediaWorks and Reliance Power also lost 5.95 per cent and 3.76 per cent, respectively. In comparison, BSE’s benchmark Sensex fell 1.46 per cent to 16,453.76, tracking weak global markets.
| STOCKS TUMBLE (On Sept 30) | |
| Price in Rs on BSE |
%
change* |
|
Rel Broadcast N
| |
| 68.95 | -12.89 |
| Reliance Capital | |
| 315.2 | -12.24 |
| Reliance Comm | |
| 71.75 | -7.6 |
| Reliance Infrastructure | |
| 373.55 | -7.43 |
| Reliance MediaWorks | |
| 90.95 | -5.95 |
| Reliance Power | |
| 76.8 | -3.76 |
| *Over previous close Compiled by BS Research Bureau | |
“The speed with which the market capitalisation of the Anil Ambani group firms is evaporating has sent shivers down the spines of institutional investors,” said S P Tulsian, an independent investment analyst. “There could be a technical bounce-back in some of these stocks next week, but on a long-term basis this wealth erosion may continue further.”
“Neither the Reliance ADA group nor any of its promoters/executives have committed any offence, and there is no question of any of the charge-sheeted executives becoming approvers,” Hariharan, the counsel for Reliance Telecom executives, said in a statement. “There is no change in statements or stand by the three charge-sheeted employees at any stage, either before the investigating agency or the courts. Any statement to the contrary by the CBI before the Supreme Court is baseless,” he added.
| 2G probe: DoT fails to trace files for JPC
Crucial files related to the migration of telecom operators to the new telecom policy of 1999, along with documents about the level at which the decision to give 4.4 MHz spectrum with the licence in 2001 was taken, are either untraceable or being searched by the DoT. The documents were sought by the JPC probing the 2G scam. |
