In the midst of a continuing legal battle over gas dispute between two Ambani groups, foreign investors seem to have got more confidence than the small individual investors of the country in the strength of the businesses run by the two industrialist brothers.
In the first quarter of the current financial year, foreign institutional investors increased their shareholding in nearly all the listed companies of the two Ambani groups, while individual domestic investors cut down their exposure to these companies during the same period.
These companies include Reliance Industries and Reliance Petroleum Ltd from the Mukesh Ambani group as also Reliance Capital, Reliance Communications, Reliance Infra and Reliance Natural Resources Ltd (RNRL) from the Anil Ambani group.
Interestingly, the three-month period ended June 30, 2009, saw the Bombay High Court delivering its judgement in a long-running legal battle between the two groups over supply of gas from elder brother Mukesh-led RIL to Anil group firm RNRL.
However, the battle has now moved to the Supreme Court as both the sides have filed cross-appeals over the Bombay High Court order of June 15.