Anil Ambani–led Reliance Group (ADA) stocks – Reliance Infrastructure, Reliance Capital and Reliance Communications are trading at 52-week lows, while Reliance Power has touched a new all-time low on the Bombay Stock Exchange.
“A lawyer representing UK's financial sector regulator has named Anil Ambani owner of ‘illegal’ Mauritius-based investment vehicle Pleuri, which invests in Indian stocks," reports suggests.
The Financial Service Authority (FSA), the UK market and financial services regulator, in proceedings before a tribunal claimed that the family of the Mumbai-based billionaire was the source of funds used by an offshore entity to buy shares of his group companies.
All frontline ADA group stocks - Reliance Capital, Reliance Infrastructure, Reliance Power and Reliance Communications are down 3% each on the Bombay Stock Exchange.