September 30th, 2011
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Anil Ambani Group stocks hit record low

Anil Ambani stocks hit record lowMumbai: Even as Central Bureau of Investigation told the Supreme Court that it was investigating into the alleged involvement of Mr Ambani in the 2G scam, the companies stocks hit its record low. The greatest loss in the group of companies owned by the billionaire was led by Reliance Capital, which deals in financial services.

RCap stocks touched a 52-week low of Rs. 322 in the afternoon trade. Reliance Infrastructure also hit a year low and was down over 7 per cent. Reliance Communications hit a record low of Rs. 71.10, falling nearly 6.5 per cent. Among other group stocks – Reliance Power and Reliance Mediaworks were trading with over 4 per cent losses.

Despite a new statement from the Reliance Group that said that no charge-sheeted executive of Reliance had expressed any intention to turn “approver”’ and that there was no change in stand by any of the Reliance executives, investors have been on a selling spree.The statement assured further that neither Reliance Telecom nor any promoter group were beneficiaries of any telecom licence issued in January 2008.

Gautam Doshi (Group MD of ADAG), Surendra Pipara and Hari Nair who are Reliance’s senior most executives, are in jail in the 2G scam. This is not improving the condition of the company at all.


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