ADAG shares tank, group asks SEBI to investigate
Anil Dhirubhai Ambani Group today blamed corporate rivals for a sharp drop in share prices of group firms — which plummeted 18.8% — resulting in a Rs 11,233 crore loss in market capitalisation for the group during the day. HT reports.mumbai Updated: Feb 09, 2011 20:51 IST
Anil Dhirubhai Ambani Group on Wednesday blamed corporate rivals for a sharp drop in share prices of group firms — which plummeted 18.8% — resulting in a Rs 11,233 crore loss in market capitalisation for the group during the day. ADAG’s market cap stood at Rs 75,618 crore as on Wednesday.
This was in a day when the BSE Sensex fell by just 1%.
"A series of completely baseless and motivated rumours have been spread today by our unscrupulous corporate rivals," an ADAG spokesperson said in a statement.
The company has registered a formal complaint with the Securities and Exchange Board of India and stock exchanges. "We have made a formal complaint to SEBI and stock exchanges to immediately investigate these illegal trades and take appropriate action to safeguard the interests of our over 11 million investors," said the spokesperson.
Reliance Infrastructure led the decline with a 25.2% fall during the day, before recoving to close with a loss of 18.8%. Reliance Communications and Reliance Capital fell by 14% each while Reliance Power fell by 9%. Reliance Broadcast and Reliance Media Ventures also fell by 9.8% and 16.1% respectively.
ADAG, which was the second-most valued in India with a market cap of Rs 286,839 crore three years ago, has lost almost 74% of its market capitalisation.