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Reliance Group stocks under pressure; tank up to 10.3 pc on SC move

Press Trust of India  |  New Delhi 

Shares of Reliance Group companies tumbled up to 10.3 per cent Wednesday after the Supreme Court held RCom chairman Anil Ambani guilty of contempt of court for wilfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson.

Reliance Capital tumbled 10.26 per cent, Reliance Communications tanked 9.46 per cent, Reliance Infrastructure 8.75 per cent, Reliance Power 5.52 per cent and Reliance Home Finance 5 per cent on BSE.

The Supreme Court on Wednesday held RCom chairman Anil Ambani and two others guilty of contempt of court for violating its order by not paying dues of Rs 550 crore to Ericsson, and said they faced a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks.

The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 20 2019. 12:50 IST
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