Anil Ambani-led Reliance Group stocks under pressure; tank up to 10.3% on Supreme Court contempt ruling

New Delhi: Shares of Reliance Group companies tumbled up to 10.3 percent on Wednesday after the Supreme Court held RCom chairman Anil Ambani guilty of contempt of court for wilfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson. [caption id=“attachment_3757075” align=“alignleft” width=“380”] File image of Anil Ambani. PTI[/caption] Reliance Capital tumbled 10.26 percent, Reliance Communications tanked 9.46 percent, Reliance Infrastructure 8.75 percent, Reliance Power 5.52 percent and Reliance Home Finance 5 percent on BSE. The Supreme Court on Wednesday held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson, and said they faced a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks. The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks.