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ADAG stocks plummet, RCom hits record low

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Press Trust of India Mumbai

Shares of Anil Ambani group companies continued on their downward spiral today after staging a comeback yesterday, with the group's telecom arm Reliance Communications tanking by over 7% in early trade on the BSE.

Reliance Communications, the top loser among the Sensex frontline stocks, fell sharply by 7.09% to hit an all-time low of Rs 89.70 on the Bombay Stock Exchange (BSE).

Another laggard from the Reliance Anil Dhirubhai Ambani Group was Reliance Infrastructure, which fell by 4.57% to an early low of Rs 558.45. In the previous session, the stock had gained 9.45%.

Profit-booking was seen in the counters of other Anil Ambani group firms as well, with Reliance Broadcast Network shedding 4.27%, while Reliance Capital fell by 3.98%, Reliance MediaWorks lost 4.65% and Reliance Power declined by 4.48%.

Stocks of various companies belonging to the Reliance Anil Dhirbuhai Ambani Group have fallen sharply in the past few weeks, which the group has blamed on corporate rivals, a cartel of stock market manipulators and 'rumour mongering'.

While the group has already sought an investigation by Sebi, the stock exchanges and investigation agencies into the matter, it said in a fresh statement today that it has "identified stock brokers sending mass e-mails/SMS/ voice calls with baseless sensational charges against ADA Group."

Meanwhile, the BSE barometer index Sensex was trading lower by 128.29 points at 17,334.75 at 1154 hours today.

 

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First Published: Feb 11 2011 | 12:43 PM IST

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