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ADAG shares hit 52-week lows; RCom falls 14%

Reliance Naval, Reliance Nippon Life, Reliance Home Finance, Reliance Capital, Reliance Power and Reliance Infra were down in the range of 2% to 6%, trading at their respective 52-week lows on the BSE

SI Reporter  |  Mumbai 

RCom, China bank move to 'settle' insolvency petition

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading lower for the second straight day with Reliance Communications (RCom) falling 14% in intra-day trade on Wednesday after bankruptcy court admits Ericsson's plea against the company.

Besides, RCom, Reliance Naval and Engineering, Life Asset Management, Reliance Home Finance, Reliance Capital, Reliance Power and Reliance Infrastructure were down in the range of 2% to 6% on the All these stocks were trading at their respective 52-week lows.

According to Reuters report, Ericsson, which signed a seven-year deal in 2014 to operate and manage Reliance Communications' nationwide network, is seeking Rs 11.55 billion ($170.21 million) from the company and two of its subsidiaries. CLICK HERE TO READ FULL REPORT

“Reliance Communications and two of its subsidiaries Reliance Telecom and Reliance Infratel await the detailed orders of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC,” said in a regulatory filing.

The Companies will decide the next course of action after studying the orders, it added.

RELIANCE CAPITAL 368.70 364.10 373.00 15-May-18
RELIANCE HOME 54.50 54.05 56.30 15-May-18
RELIANCE INFRA. 381.50 375.25 383.20 15-May-18
RELIANCE NAV.ENG 12.90 12.65 13.15 15-May-18
RELIANCE NIP.LIF 236.00 233.00 237.25 16-Nov-17
RELIANCE POWER 32.85 32.45 32.50 15-May-18

First Published: Wed, May 16 2018. 10:22 IST