RADAG shares recover after recent freefall

Shares of six Reliance Anil Dhirubhai Ambani Group companies rose by 0.93% to 13.79% at 15:00 IST on BSE on bargain hunting after the recent losses.

Meanwhile, the S&P BSE Sensex was up 316.98 points or 0.97% at 33,077.42.

As per reports, the ADAG group companies said that they have no exposure to debt ridden Reliance Communications in the form of debt or equity.

In today's trade, Reliance Power (up 4.82%), Reliance Infrastructure (up 6.79%), Reliance Nippon Life Asset Management (up 6.67%), Reliance Home Finance (up 4.08%), Reliance Capital (up 0.93%) and Reliance Communications (up 13.79%) jumped. Reliance Naval and Engineering dropped 3.31%.

Shares of ADAG companies had taken a heavy knock recently as investors remained concerned over the debt servicing abilities of the group's companies.

Reliance Communications had clarified after market hours yesterday, 15 November 2017 that it is not making any payment of interest and/or principal to any lenders or bond-holders of the company for the time being as it is under 'standstill period' till December 2018, with invocation of strategic debt restructuring scheme. The company has also announced various asset sales and a comprehensive debt resolution plan as stated recently by the company.

RCom shares' free fall had continued earlier this week after the company over the weekend reported reverse turnaround in Q2 results. The company reported consolidated net loss of Rs 2709 crore in Q2 September 2017 compared with net profit of Rs 62 crore in Q2 September 2016.

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