ADAG complains, stocks recover
After the savage mauling of Wednesday and slight balm on Thursday, the stocks of Reliance Anil Dhirubhai Ambani (ADA) Group companies had a decent day on the bourses with Reliance Infrastructure rising by 5.2% on Friday.business Updated: Feb 11, 2011 23:38 IST
After the savage mauling of Wednesday and slight balm on Thursday, the stocks of Reliance Anil Dhirubhai Ambani (ADA) Group companies had a decent day on the bourses with Reliance Infrastructure rising by 5.2% on Friday.
The group, which has complained to market regulator (Securities and Exchange Board of India) SEBI over manipulation against its stocks, said it has identified stock brokers who sent mass e-mails/SMS/calls with baseless charges against the group.
The company's share prices fell between 4% and 7% in early trading, but subsequently recovered with Reliance Capital and Reliance Power rising by 2.2% and 1.95% respectively. Reliance Communications closed with a net gain of 0.6%.
"We have identified stock brokers sending mass e-mails / SMS / voice calls with baseless sensational charges against ADA Group. These brokers are guilty of blatant violation of SEBI (FUTP) Regulations," the company said in a statement issued on Friday.
SEBI is expected to investigate the matter.
"Whenever we receive such complaints, we do investigate and see whether there is any pattern and whether there is anything that's violation of any rules and norms," said a senior SEBI official who did not wish to be named.
ADAG company scrips had lost between 9 and 19% on Wednesday.