Family feuds shake market confidence
Sibling rivalry in India's largest corporate house Reliance and Birla blues over rank outsider carting away their silver fish marred India Inc in an eventful 2004 but stock market rose to dizzy heights as if discounting corporate wars.
While the mother of all corporate battles threatened to shake the foundation of Rs 90,000 crore Reliance empire laid by legendary Dhirubhai Ambani, the wrangling over the Rs 5,000 crore estate of the late Priyamvada Birla rattled the Birla clan and the Bajajs struggled to settle the family feud.
At the fag end of the year, the dispute over ownership issues in Reliance Industries came to the fore with company chairman and managing director Mukesh Ambani's candid confession that there were "some ownership issues" in the family.
The ensuing battle saw both Mukesh and younger brother Anil Ambani washing dirty linen in the public.