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RCom clarifies over buzz claiming SBI declares Anil Ambani-backed three firms fraud; Stock ends lower

On Sensex, RCom stock finished at Rs2.03 per piece down by 1.94%.

January 11, 2021 3:54 IST | India Infoline News Service
Reliance Communication (RCom) on Monday clarified over media buzz claiming that lender State Bank of India (SBI) has declared accounts of Anil Ambani's three Reliance Group firms fraud. On Sensex, RCom stock finished at Rs2.03 per piece down by 1.94%.

Stock exchanges had sought clarification regards to a news article appearing on Business Today January 07, 2021, titled "SBI declares accounts of Anil Ambani's three Reliance Group firms fraud".

The news article stated that SBI informed the Delhi High Court that the lender has classified three bank accounts of Anil Ambani's Reliance Group - Reliance Communication, Reliance Telecom and Reliance Infratel - as a fraud. The development can land Anil Ambani in serious trouble as now the bank can seek a banking fraud investigation by the Central Bureau of Investigation (CBI).

RCom stated that the company,  Reliance Infratel and Reliance Telecom were represented through their advocates and accepted notice in the said matter. In terms of the order passed in the said hearing, which was made available on the website of the Court on January 8, 2021, please note that the respondent-banks have been directed to maintain status quo until the next date of hearing, which is January 13, 2021.

RCom said, "Please note that the Company has not received any formal intimation from the SBI, other banks or RBI in this regard." 

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The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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