Reliance Capital shares were down 5 per cent on BSE on Tuesday, a day after the Reserve Bank of India superseded its board.

The company’s scrip was trading at ₹18.10 apiece in morning trade on BSE.

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RBI supersedes the board of Anil Ambani’s Reliance Capital
Appoints Nageswar Rao Y as Administrator of Reliance Capital

“...the Reserve Bank has today superseded the Board of Directors of M/s Reliance Capital Ltd (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively,” the RBI said on Monday.

It has appointed Nageswar Rao Y, former Executive Director, Bank of Maharashtra as the Administrator of the company under Section 45-IE (2) of the RBI Act.