Reliance Group stocks under pressure; tank up to 10.3% on SC move
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.
Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, addresses shareholders during the company’s annual general meeting in Mumbai, India, September 18, 2018. (Reuters Photo: Francis Mascarenhas)
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.
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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.
