Reliance ADAG stocks fall after SC ruling on RCom chairman Anil Ambani

Shares of Anil Ambani-led Reliance group plunged Wednesday after Supreme Court held RCom chairman Anil Ambani guilty of contempt of court for wilfully violating its order by not paying dues worth Rs 550 crore to Ericsson. While RCom shares dropped as much as 9.2 per cent to Rs 5.45, Reliance Infrastructure fell as much as 8.7 per cent.

The stock of Reliance Naval and Engineering are down as much as 3.4 per cent and Reliance Power tanked nearly 5 per cent.

RCom has been asked to pay balance payment of Rs 450 crore to Ericsson in 4 weeks. Notably, in case of default of payment to Ericsson, Anil Ambani will be sent to jail for 3 months, agencies reported Supreme Court as saying. Anil Ambani wilfully did not pay Rs 550 crore to Ericsson, and he a ‘cavalier’ approach, noted the apex court. Further, the Supreme Court also imposed a penalty of Rs 1 crore on Anil Ambani.

In response, Reliance Communication said in a statement on the exchanges that it shall comply with the court’s directive.”We respect the Hon’ble Supreme Court judgement. The RCOM Group shall comply with same,” a Reliance Communication Limited spokesperson said.

Meanwhile, the stock markets — Sensex and Nifty — opened higher on Wednesday, tracking positive global cues. The Sensex is up 250 points to 35,603.47 while the Nifty is trading above the 10,650-mark. Yes Bank shares gained by more than 2 per cent to Rs 217.50 in the morning trade.

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