ADAG stocks decline after Anil Ambani held guilty of contempt

The court has imposed a fine of Rs1cr on the three RCom entities, as per media reports.

Feb 20, 2019 05:02 IST India Infoline News Service

adag stocks
Stocks in the Anil Dhirubhai Ambani Group (ADAG) declined in the morning trade on Wednesday after media reports said that the SC held Reliance Group chairman and its two directors guilty of contempt for willfully not paying Rs550cr to Ericsson.

Ericsson had filed three contempt plea in the Supreme Court for not clearing its dues. The SC said that Anil Ambani and the two directors had to pay Rs453cr to Ericsson India in four weeks, failing which they could be jailed for at least three months. The court has also imposed a fine of Rs1cr both the directors. If they fail to deposit the fine, one-month jail will be awarded, the report added.

“We respect the Hon'ble Supreme Court judgement. The RCOM Group shall comply with same,” the company said in the BSE filing.

Reacting to this news, Reliance Communications, RInfra, Reliance Capital, and Reliance Naval fell in the range of 7-4% respectively.

Meanwhile, the Sensex rose 252 points at 35,605, while the Nifty was up 80 points at 10,684.

Stock view:
Reliance Communications Ltd is currently trading at Rs5.60 down by Rs0.42 or 6.98% from its previous closing of Rs6.02 on the BSE.

Reliance Infrastructure Ltd is currently trading at Rs115 down by Rs7.2 or 5.89% from its previous closing of Rs122.20 on the BSE.

Reliance Capital Ltd is currently trading at Rs139.20 down by Rs12.3 or 8.12% from its previous closing of Rs151.50 on the BSE.

Reliance Naval & Engineering Ltd is currently trading at Rs8.61 down by Rs0.38 or 4.23% from its previous closing of Rs8.99 on the BSE.

Reliance Power Ltd is currently trading at Rs10.75 down by Rs0.1 or 0.92% from its previous closing of Rs10.85 on the BSE.

Reliance Nippon Life Asset Management Ltd is currently trading at Rs151.30 down by Rs0.75 or 0.49% from its previous closing of Rs152.05 on the BSE.

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