ADAG firms shed nearly 10% on CBI probe news

Shares of the Anil Ambani-led Reliance Group companies fell by nearly 10% on the bourses today, even as the group asserted it was not a beneficiary of any telecom licence issued in January 2008.

The group's telecom arm, RCom, saw its shares plunge by 8.11% to a low of Rs 71.35 in morning trade, while Reliance Capital tumbled by 9.91% to a 52-week low of Rs 323.55 on the BSE.

Shares of other group firms, RPower, Reliance Infra, Reliance Mediaworks and Reliance Broadcast, also fell sharply.

The decline in these shares followed reports that the CBI told the Supreme Court yesterday that three Reliance Group executives, Gautam Doshi, Surendra Pipara and Hari Nair, may turn approvers in the case.

However, a Reliance Group spokesperson said in a statement that none of its charge-sheeted executive had expressed any intention to become 'approvers' in the 2G case and the CBI had already stated before the trial court that Reliance was not a part of the main 2G conspiracy.

The spokesperson added that the CBI's inference that there might be undisclosed beneficiaries "is unsupported by any evidence".

The group further said there was "no change in stand by any of the Reliance executives".

It further said that "neither Reliance Telecom nor the promoter group are beneficiaries of any telecom licence issued in January 2008".

"CBI counsel clearly stated before the trial court that Reliance (was) not part of the main 2G conspiracy. The CBI is now raising new issues to oppose bail to three Reliance executives," the statement said.