War between the Ambani brothers turns ugly | business | Hindustan Times
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War between the Ambani brothers turns ugly

The Anil Ambani-led group charged the Mukesh Ambani group with attempting to hammer down the stocks of RCom and other group companies, reports HT Correspondent.

business Updated: Jul 04, 2008 22:44 IST
HT Correspondent

War between the Ambani brothers took a new turn on Friday, as the Anil Ambani-led Anil Dhirubhai Ambani Group (ADAG) charged the Mukesh Ambani group with attempting to hammer down the stocks of RCom and other group companies.

In a letter to the Securities and Exchange Board of India (Sebi), ADAG has asked for a probe into alleged “price hammering of RCom and other group company stocks”, said sources close to ADAG.

Anil’s group charged the Mukesh group of manipulating the stock market to impact valuations of ADAG companies in a “desperate attempt to derail MTN discussions”.

Sources also alleged that Mukesh-led Reliance Industries Ltd (RIL) “is hurting interests of 2 million RCom investors”. Despite repeated attempts, RIL spokesperson declined to comment on ADAG’s allegations on the price hammering and related issues.

On Thursday, RIL had shot off a second letter to RCom and MTN invoking the arbitration clause under the non-compete agreement with ADAG. The letter, however, could not be obtained.