Anil Ambani firms lose around $2.6 Billion on panic selling
By siliconindia   |   Friday, 11 February 2011, 12:25 IST   |    1 Comments
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Mumbai: The shares of firms controlled by Anil Ambani saw a sharp fall resulting a $2.6 billion loss in the market value of his six publicly traded companies. India's benchmark Sensitive also saw a fresh seven-month closing lows on Wednesday marking a 1 percent drop. Anil Ambani's Reliance Group shares tumbled 9 percent to 19 percent on Wednesday, which the company termed is based on 'baseless and motivated' rumors and media reports spread by rivals. Reliance Infrastructure suffered the most and eroded 18.8 percent. Around 4 million shares were traded during the day, which is nearly 12 times the average 30-day volume. Reliance Communications also tumbled nearly 18 percent to an all-time low of 90.80 rupees, but was closed down at 14.3 percent. Nearly 6 million shares were traded on BSE, which is more than four times the average 30-day volume. Apart from the above, other group companies such as Reliance MediaWorld, Reliance Capital, and Reliance Power have also gone down between 8.9 percent and 16.1 percent. Dealers say that this was triggered by an NDTV Profit report that accounting regulatory body 'Institute of Chartered Accountants of India' has sent notices to Reliance Infrastructure and Reliance Natural Resources for clarifications about a settlement last month with India's capital markets regulator. Commenting on the reports, Gautam Doshi, Managing Director for Reliance ADA Group has clarified that Reliance Infra has not received any queries from ICAI on its accounts for any year and that ICAI has simply asked for copies of audited balance sheets.