ADAG Group stocks : RCom down 15%, Reliance Nippon falls below issue price

November 16
00:46 2017
Shares of Anil Ambani-controlled Reliance Group companies (ADAG) remained under pressure by falling up to 15% on the BSE in intra-day trade.

Reliance Communications (RCom), Reliance Home Finance, Reliance Nippon Life Asset Management, Reliance Capital, Reliance Infrastructure,  Reliance Naval and Engineering and Reliance Power were down in the range of 8% to 15% on the BSE. At 02:22 PM; the S&P BSE Sensex was down 0.63% at 32,734 points.

RCom touched a new low of Rs 9.75, down 15% on the BSE. In the past three trading sessions, the stock tumbled 30% after the company posted a consolidated loss of Rs 3,919 crore in first half (April – September) of the current financial year 2017-18. It had posted a net profit of Rs 152 crore in the same period of FY17.

Thus far in the calendar year 2017 (CY17), the stock plunged 89% from Rs 88.20, against 25% rise in the benchmark index.  RCom market capitalisation has eroded by Rs 5,729 crore to Rs 2,746 crore, so far in CY17.

The BSE said the exchange has sought clarification from Reliance Communications with respect to news article appearing on www.financialexpress.comon November 15, 2017 titled “RCom future turns bleaker as Anil Ambani firm defaults on US dollar bonds.”

The reply is awaited.

Reliance Nippon Life Asset Management dipped 9% to Rs 248 in intra-day trade, falling below its issue price of Rs 252 per share. The stock tanked 13% in past two trading sessions. The company had raised Rs 1,540 crore through initial public offer (IPO), got listed on the bourses on November 6, 2017.

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