ADAG stocks under pressure; Reliance Naval, RCom down over 15%

Reliance Naval has tanked 18% to Rs 22, also its record low on the BSE, as the company's standalone net loss widen to Rs 4,086 million in Q4FY18 from Rs 1,399 million in year ago quarter

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were under pressure with Reliance Naval and Engineering and Reliance Communications (RCom) plunged by more than 15% in intra-day trade on Tuesday in otherwise firm market.

Reliance Power, Reliance Infrastructure and Reliance Capital were down 2% to 5% on the BSE. In comparison, the S&P BSE Sensex was up 0.46% at 34,609 points at 02:06 pm.

Reliance Naval and Engineering has tanked 18% to Rs 22, also its record low on the BSE, as the company’s standalone net loss widen at Rs 4,086 million for the quarter ended March 31, 2018 (Q4FY18). It had posted a loss of Rs 1,399 million in the same quarter last year.

The trading volumes on the counter jumped more than seven-fold with a combined 22.14 million shares changed hands on the NSE and BSE till so far.

RCom plunged 19% to Rs 16.25, extending its 5% decline in past three trading days on the BSE.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday, April 18 recalled its previous order which allowed debt-ridden RCom to proceed with the sale of its tower and fibre assets, the PTI report suggested. CLICK HERE TO READ FULL REPORT

Meanwhile, according to media report, RCom on Monday moved the Supreme Court, challenging an order of the Telecom Disputes Settlement Appellate Tribunal (TDSAT) that rejected its request for the grant of additional time for the payment of Rs 7,742 million for deferred spectrum liabilities.