Shares of Reliance Group companies faced huge selling Tuesday, tumbling up to 18 per cent, amid liquidity concerns.
Among group firms, Reliance Power was hit the most, tumbling 18.13 per cent on the BSE.
Shares of Reliance Home Finance dived 10.60 per cent, Reliance Infrastructure plummeted 9.92 per cent, Reliance Capital plunged 8.47 per cent.
Reliance Naval and Engineering dropped 6.89 per cent and Reliance Nippon Life Asset Management 2.40 per cent on the BSE.
Rating downgrade of some group companies also played spoilsport.
Reliance Capital (RCL) in a filing to BSE on Friday said ICRA has revised its rating to A4 (on rating watch with negative implications) for the short-term debt programme of the company for which outstanding is Rs 950 crore.
ICRA said this action is primarily due to slow pace of monetisation of the non-core investments and liquidity position in Reliance Commercial Finance (RCF) and Reliance Home Finance (RHF), it added.
"The company considers the above rating action completely unjustified and inappropriate. There has not been any adverse change in the company's operational parameters from the time of the last rating action, just 4 weeks ago,"
RHF in a BSE filing on Friday said,"we hereby inform that CARE Ratings has revised its rating to C for company's long-term debt programme, market linked debentures, subordinated debt, non-convertible debentures public issue and upper tier-11 NCDs and to D for company's long-term debt programme (banking facilities only)."
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