ADAG stocks bounce back after favourable court ruling

Shares of Anil Dhirubhai Ambani Group firms staged a comeback on the bourses today, rising in the range of 3-8% after a plea was dismissed by a Delhi Court for making Anil Ambani one of the accused in the 2G spectrum scam case.

Cheering the news that was announced after market hours yesterday, shares of all Anil Ambani Group firms saw renewed buying interest this morning from investors that had abandoned the counters in the previous session.

The group's telecom arm, Reliance Communications, soared by 8.68% to touch an early peak of Rs 97.65 on the BSE. The stock had shed 4.11% yesterday.

"The favourable court ruling has brought back ADAG stocks on track. This will certainly boost the battered investors confidence," CNI Research CMD Kishore P Ostwal said.

Reliance Broadcast Network Ltd jumped by 8.46% to touch a high of Rs 73.70, while Reliance Capital zoomed up by 7.28% to touch an early peak of Rs 548.50.

Reliance Infrastructure surged by 5.38%, while Reliance MediaWorks gained 5.98% and Reliance Power 3.98%.

The court dismissed pleas for a directive to the CBI to make Reliance ADAG chairman Anil Ambani, Tata Group Chief Ratan Tata, corporate lobbyist Niira Radia and DMK chief M Karunanidhi's wife Dayalu Ammal accused in the 2G spectrum scam.