Reliance Group stocks under pressure; slip up to 4.3% on Supreme Court order against Anil Ambani in Ericsson case
Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court.
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The stock of embattled telecom firm RCom slumped 3.65 percent
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Stocks of the group firms tumbled as much as 10.3 percent during the day
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Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court
New Delhi: Shares of Reliance Group companies on Wednesday closed 4.3 percent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court for willfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson.
Representational image. Reuters
The stock of embattled telecom firm RCom slumped 3.65 percent.
Other laggards among the group firms were Reliance Capital, falling 4.26 percent, followed by Reliance Home Finance 4.07 percent, Reliance Naval and Engineering 2.34 percent, Reliance Infrastructure 2.29 percent and Reliance Power 0.92 percent on the BSE.
These stocks tumbled as much as 10.3 percent during the day.
The apex court on Wednesday held that group chairman Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani breached the undertaking given to the apex court and the related orders.
The Supreme Court also said that they violated its order by not paying dues of Rs 550 crore to Ericsson, adding that they would face a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks.
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