ADAG stocks bounce back after court ruling

PTI Mumbai | Updated on June 03, 2011

Shares of Anil Dhirubhai Ambani Group firms staged a comeback on the bourses today, rising in the range of 3-8 per cent after a plea was dismissed by a Delhi Court for making Anil Ambani one of the accused in the 2G spectrum scam case.

Cheering the news that was announced after the market hours yesterday, the shares of all Anil Ambani Group firms saw renewed buying interest this morning from investors who had abandoned the counters in the previous session.

The group’s telecom arm, Reliance Communications, soared by 8.68 per cent to touch an early peak of Rs 97.65 on the BSE. The stock had shed 4.11 per cent yesterday.

“The favourable court ruling has brought back ADAG stocks on track. This will certainly boost the battered investors confidence,” the CNI Research CMD, Mr Kishore P. Ostwal, said.

Reliance Broadcast Network Ltd jumped by 8.46 per cent to touch a high of Rs 73.70, while Reliance Capital zoomed up by 7.28 per cent to touch an early peak of Rs 548.50.

Reliance Infrastructure surged by 5.38 per cent, while Reliance MediaWorks gained 5.98 per cent and Reliance Power 3.98 per cent.

The court dismissed the plea for a directive to the CBI to make Reliance ADAG Chairman Mr Anil Ambani, Tata Group Chief Mr Ratan Tata, corporate lobbyist Ms Niira Radia and DMK chief Mr M. Karunanidhi’s wife Ms Dayalu Ammal accused in the 2G spectrum scam.

Published on June 03, 2011

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