ADAG stocks bounce back after favourable court rulingPosted on Friday, June 3, 2011 - 10:54 am
Cheering the news that was announced after market hours yesterday, shares of all Anil Ambani Group firms saw renewed buying interest this morning from investors that had abandoned the counters in the previous session.
The group's telecom arm, Reliance Communications , soared by 8.68 per cent to touch an early peak of Rs 97.65 on the BSE . The stock had shed 4.11 per cent yesterday.
"The favourable court ruling has brought back ADAG stocks on track. This will certainly boost the battered investors confidence," CNI Research CMD Kishore P Ostwal said.
The court dismissed pleas for a directive to the CBI to make Reliance ADAG chairman Anil Ambani, Tata Group Chief Ratan Tata, corporate lobbyist Niira Radia and DMK chief M Karunanidhi's wife Dayalu Ammal accused in the 2G spectrum scam.