Since February 4, Reliance Communications has plunged 54%, Reliance Power has declined 59%, Reliance Capital has lost 32% while Reliance Infra has dropped 56%.The fall prompted lenders to sell pledged shares, with L&T Finance selling 20 million shares of Reliance Communications, 7.8 million shares of Reliance Capital, 4.9 million shares of Reliance Infrastructure and 62.5 million shares of Reliance Power, on Thursday. “On 4th February 2019, there was a sharp drop in the prices of Reliance ADAG group shares, which led to further erosion in the collateral value. Edelweiss group once again gave due opportunity for remediation. On Monday, RCom approached National Company Law Appellate Tribunal (NCLAT) to withdraw its appeal against a May 2018 National Company Law Tribunal (NCLT) order that had admitted bankruptcy proceedings. The tribunal ruled that RCom cannot sell movable or immovable assets without permission of either the Supreme Court or the tribunal till further orders.

Source: Economic Times February 09, 2019 02:48 UTC