Reliance Capital’s share price declined 10.2 per cent, stretching its loss this month to 27 per cent.Newly-listed Reliance Nippon Asset Management, the group’s most valued company, fell seven per cent and briefly even slipped below its initial public offering price. Following Wednesday’s carnage, the combined market capitalisation of all Anil Ambani group companies stood at Rs 55,790 crore, less than half the debt of Rs 1.18 lakh crore at the end of March. Ambani is banking on asset sales across verticals to ease the loan payment burden. In recent months, the group has sold its multiplex and radio businesses. It has also monetised stake in e-wallet and e-commerce company Paytm. Debt-laden RCom has assets such as an undersea cable, a data solution centre, mobile towers and spectrum. Tulsian said asset sale by RCom was not gathering pace, while “interest costs and operational losses” were mounting.
All 7 Anil Ambani group stocks hammered as Rcom fails on interest payment
RCom itself sheds 12% following default; its share price is down 41% this month and 70% since start of year
Samie Modak |