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L&T Finance offloads Anil Ambani Group stocks

Our Bureau Chennai | Updated on February 07, 2019 Published on February 07, 2019

RCom to go out of F&O from March 1

  L&T Finance, an arm of L&T Finance Holdings, has offloaded Anil Dhirubhai Ambani Group stocks on Thursday. The identity of the buyers could not be ascertained immediately nor whether the shares sold were pledged by company with L&T Finance.

According to a bulk deal data with the NSE, the NBFC company sold two crore shares of Reliance Communications at an average price of ₹5.14. Similarly, it sold around 77.87 lakh shares of Reliance Capital at ₹123.89, 49 lakh shares of Reliance Infrastructure at ₹120.98 and 6.25 crore shares of Reliance Power at ₹10.85.

Shares of ADAG have been under huge stress, destructing investors’ wealth in quick time.

Reliance Communications tumbled 5.29 per cent on Thursday to close at ₹5.19 on the BSE; Reliance Infrastructure plummeted 28.05 per cent, Reliance Power plunged 21.96 per cent, Reliance Capital slid 19.17 per cent and Reliance Naval and Engineering edged down 5.35 per cent.

Even Reliance Nippon Life Asset Management, which remained firm in the past few days, tumbled 3.4 per cent at ₹155.10 on the NSE.

On Monday, the RCom stock ended nearly 35 per cent lower and another 28.5 per cent on the next day after the company decided to opt for insolvency. Other group stocks too slumped sharply.

Meanwhile, the NSE has excluded RCom shares from F&O trading from March 1. All the existing contracts (February, March and April) will expire on February 28, it said.

Published on February 07, 2019
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