Continuing its downward slide, Reliance Communications on Thursday fell by three per cent, even as the ADA Group Chief alledged that the firm's rivals were looking to hammer down the shares of his group companies.
So far this month, shares of Reliance Communications has tanked over 34 per cent and in the last four trading sessions, ever since news reports about the overstatement of revenue by about Rs 3,000 crore and evasion of licence fee of over Rs 300 crore surfaced the scrip has lost nearly 9 per cent.
"The stock of RCom is on a downward spiral as the news ragarding the audit report came amid the ongoing tariff war among telecommunication operators," SMC Capitals head of equity Jagannadham Thunuguntla said.
At the end of today's trading session the stock was quoted at Rs 229.20, down 1.04 per cent on the BSE.
ADA Chairman Anil Ambani today said corporate rivals of the group are involved in "... hammering of our group stocks, to create panic and loss of confidence, and to cause huge losses to over 11 million loyal shareholders of our Group."
Ambani said during the Reliance Power IPO, in 2007-08, "there was a similarly vicious campaign of disinformation and hammering of our stocks to sabotage the IPO."
Touted as the biggest ever IPO to hit the Indian market, the RPower issue failed to hold on to the investors' interest and the hype that saw the scrip touching a high of up to Rs 1,000 a share in the grey market. On its listing day RPower touched a low of Rs 389 from a high of Rs 599.90.