ADAG stocks continue to fall; RInfra, RCom tank over 50% in four days

Reliance Capital, Reliance Home Finance and Reliance Naval and Engineering were down between 33 per cent and 35 per cent.

Shares of Anil Dhirubhai Ambani Group (ADAG) companies are  under pressure yet again today. Reliance Infrastructure (RInfra), Reliance Communications (RCom) and Reliance Power (RPower) have lost over 50 per cent in past four trading days on the BSE.

Reliance Capital, Reliance Home Finance and Reliance Naval and Engineering (R-Naval) were down between 33 per cent and 35 per cent. Reliance Nippon Life Asset Management, however, bucked the trend and gained 12 per cent during the period. In comparison, the S&P BSE Sensex has moved up 1.7 per cent thus far in the week.

Bankruptcy proceedings

RCom tanked 58 per cent in the past four trading days, after telecom services provider post market hours on Friday said it will be filing for bankruptcy in the National Company Law Tribunal (NCLT). RCom had informed the exchanges on Sunday that it plans to propose a similar debt resolution plan in the tribunal which was earlier being pursued with creditors.

RCom will be excluded from the futures and options segment, said NSE in a circular on Wednesday. All existing contracts in the underlying RCom i.e. contracts with expiry dates February 28, 2019, March 28, 2019 and April 25, 2019 shall expire on February 28, 2019 and shall be physically settled as per the mechanism specified by circular no.67/2018 dated June 15, 2018, the circular said.

The settlement price to be reckoned for the purpose of final settlement shall be the closing price of RCom in the capital market segment of NSE, on February 28, 2019, it added. CLICK HERE TO READ THE CIRCULAR

Meanwhile, BSE and the National Stock Exchange (NSE) has placed R-Naval and 6 other securities under the short-term ‘additional surveillance measure’ in order to put a check on the price-volume manipulation with effect from today, February 7, 2019. The stock of R-Naval slipped 34 per cent in past four trading days.

RInfra has plunged 24 per cent to Rs 118 in intra-day trade on Thursday, slipping 48 per cent in past two trading days. The company pledged 83.59 per cent of promoter holdings as of December 31, 2018, the shareholding pattern data showed.

According to a Business Standard report, mutual funds (MFs) led by Franklin Templeton, which has the highest exposure of Rs 1,244 crore through its debt schemes in the promoter entities of Anil Ambani group companies, will have to either seek higher collateral by way of topping-up of shares from promoter entities or risk lowering values of their schemes. CLICK HERE TO READ FULL REPORT

	price on BSE in Rs			% chg
Company	01/02/2019	06/02/2019	07/02/2019*	1 day	4 days
Reliance Infra.	266.95	154.00	117.65	-23.6	-55.9
Reliance Power	26.35	12.75	10.55	-17.3	-60.0
Reliance Home	34.55	27.15	23.00	-15.3	-33.4
Reliance Capital	189.15	143.75	123.65	-14.0	-34.6
Reliance Comm.	11.60	5.48	4.91	-10.4	-57.7
Reliance Nippon Life	135.80	162.30	152.60	-6.0	12.4
Reliance Naval Eng	11.82	8.23	7.80	-5.2	-34.0
* Intra-day low price on BSE in Rs