Seeks Sebi investigation; shares recover further.
The shares of Reliance Anil Dhirubhai Ambani (ADA) Group companies recovered further today after the Mumbai-based group said it had identified stock brokers spreading baseless charges against it.
“(We) have identified stock brokers sending mass e-mails/SMS/voice calls with baseless sensational charges against the ADA Group,” said a statement issued by the group.
The Reliance ADA Group also said it was bringing the matter to the attention of the Securities and Exchange Board of India (Sebi) and police for seizure of electronic and dealing room records. “(We are) seeking a full-fledged Sebi investigation and punitive interim orders against the guilty brokers,” it said.
A Sebi spokesperson could not be reached over phone. An e-mail query sent to him about the complaint made by the Reliance ADA Group against the stock brokers remained unanswered.
On Friday, Reliance Infrastructure gained 5.20 per cent to Rs 615.70 on the Bombay Stock Exchange (BSE), while Reliance Broadcast Network added 4.60 per cent at Rs 64.80. Reliance Mediaworks (up 3.48 per cent to Rs 141.10), Reliance Capital (up 2.18 per cent to Rs 428.35), Reliance Power (up 1.95 per cent to Rs 114.85) and Reliance Communications (up 0.62 per cent to Rs 97.15) also ended in positive territory.
The combined market capitalization of group companies increased Rs 1,824.53 crore to Rs 80,420.42 crore on Friday, according to BS Research Bureau. It had recovered by Rs 1,743.76 crore on Thursday.
Gautam Doshi, managing director for the group, had said in a conference call yesterday that a series of completely false and baseless rumours against the group had been circulated on Wednesday by its corporate rivals and an illegal bear cartel.
The group stocks had taken a sharp beating on Wednesday on market buzz that senior officials of the group could be questioned and even arrested by the Central Bureau of Investigation (CBI) in connection with the 2G spectrum scam. The shares of major group companies had slumped 8-14 per cent on that day, wiping combined market capitalization by Rs 15,200 crore.
The Supreme Court, monitoring the probe into the 2G scam, yesterday told CBI to go after the companies which are the beneficiaries of the scam.
