Stocks

ADAG stocks plunge; RCom tanks on BSE

PTI Mumbai | Updated on February 11, 2011

Shares of Anil Ambani group companies continued their downward spiral on Friday after staging a comeback on Thursday, with the group’s telecom arm Reliance Communications tanking by over 7 per cent in the early trade on the BSE.

Reliance Communications, the top loser among the Sensex frontline stocks, fell sharply by 7.09 per cent to hit an all-time low of Rs 89.70 on the Bombay Stock Exchange.

Another laggard from the Reliance Anil Dhirubhai Ambani Group was Reliance Infrastructure, which fell by 4.57 per cent to an early low of Rs 558.45. In the previous session, the stock had gained 9.45 per cent.

Profit-booking was seen in the counters of other Anil Ambani group firms as well, with Reliance Broadcast Network shedding 4.27 per cent, while Reliance Capital fell by 3.98 per cent, Reliance MediaWorks lost 4.65 per cent and Reliance Power declined by 4.48 per cent.

Stocks of various companies belonging to the Reliance Anil Dhirbuhai Ambani Group have fallen sharply in the past few weeks, which the group has blamed on corporate rivals, a cartel of stock market manipulators and ‘rumour mongering’.

Published on February 11, 2011

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