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Two financial firms behind plunge in shares of Reliance Group companies


(Reuters) - A recent plunge in the shares of three companies from India's Reliance Group was caused by two financial firms selling stock they had held as collateral, the conglomerate said on Friday.Reliance Group, whose flagship company Reliance Communications is in bankruptcy proceedings, said the sales by L&T Finance Holdings Ltd and certain entities of Edelweiss Group were "illegal and excessive" and were done without any attempt at an "orderly market disposal." It added the affected companies - Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd - were "performing ...

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First Published: Fri, February 08 2019. 19:57 IST