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The Reserve Bank of India’s decision to supersede the board of Reliance Capital (RCap) should not come as a surprise. The company had last reported profits in 2016-17 (FY17) and has been loss-making ever since.
It reported a cumulative net loss of nearly Rs 19,000 crore in the last four and a half years, leading to a complete erosion of its net worth. It reported a negative net worth of Rs 13,700 crore at the end of September this year (H1FY22), against gross debt of Rs 27,100 crore.
The dire financial condition of RCap is emblematic of the decline of the Anil
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