ADAG stocks plummet further, RCOM hits record low on BSE | business | Hindustan Times
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ADAG stocks plummet further, RCOM hits record low on BSE

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

business Updated: Feb 11, 2011 16:22 IST

Shares of Anil Ambani group companies continued on their downward spiral today after staging a comeback yesterday, with the group's telecom arm Reliance Communications tanking by over 7 per cent in 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 (BSE).

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'.

While the group has already sought an investigation by Sebi, the stock exchanges and investigation agencies into the matter, it said in a fresh statement today that it has "identified stock brokers sending mass e-mails/SMS/ voice calls with baseless sensational charges against ADA Group." Meanwhile, the BSE barometer index Sensex was trading lower by 128.29 points at 17,334.75 at 1154 hours today.