Stocks

Reliance group stocks drop after court order on RCom chairman

Reuters | Updated on February 20, 2019 Published on February 20, 2019

RCom shares drop as much as 9.2 per cent. File Photo   -  Reuters

Shares of Anil Ambani's Reliance group companies fall on Wednesday, after the Supreme Court found Ambani guilty on contempt in Ericsson case.

The apex court said Ambani, chairman of Reliance Communications Ltd (RCom) willfully did not pay Rs 5.5 billion ($77.22 mln) to Swedish telecom equipment maker Ericsson, holding him guilty in a contempt of court case. Ambani and two directors of RCom have been asked to pay Rs 4.5 bilion to Ericsson within four weeks, else they would face a three-month jail term.

RCom shares drop as much as 9.2 per cent to Rs 5.45. Reliance Infrastructure Ltd falls as much as 8.7 per cent. Reliance Naval and Engineering Ltd shares down as much as 3.4 per cent while those of Reliance Power Ltd fall as much as 5 per cent ($1 = INR 71.2240)

Published on February 20, 2019
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