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Anil Ambani's Reliance says pledged-share sales drove group firms' stock plunge


(Reuters) - A disposal of pledged securities by financial firms caused steep declines over the last few days in the shares of some companies belonging to Indian conglomerate Reliance Group - controlled by tycoon Anil Ambani - the Reliance companies said on Friday.A few non-banking financial companies (NBFCs) invoked pledged shares of Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sales of about 4 billion rupees ($56.23 million) during Feb. 4-7, triggering the sharp falls in their shares, the companies said in stock exchange filings ...

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First Published: Fri, February 08 2019. 16:07 IST