ADAG shares bounce back, Reliance Infra zooms up 11 pc on BSE

MUMBAI: Defying the bearish sentiment in the broader market, shares of Anil Ambani group companies made a smart comeback in early trade on the BSE today, surging by up to 11 per cent on brisk buying by investors.

Reliance Infrastructure, which shed 25.14 per cent in yesterday's session, shot up by 10.97 per cent in early trade on the Bombay Stock Exchange today to a high of Rs 593.40.

Another major gainer from the Anil Ambani camp was Reliance Communications, which advanced by 7.22 per cent to an early peak of Rs 101.70, after hitting a record low of Rs 90.80 yesterday.

Following the debacle on the bourses yesterday, the Anil Ambani Group had issued a statement after the markets closed, alleging, "A series of completely baseless and motivated rumours have been spread today by our unscrupulous corporate rivals."

"This (rumour-mongering by rivals) has been accompanied by vicious and illegal bear-hammering of our listed stocks to create panic and destabilise the markets," the group had said.

"We have made a formal complaint to SEBI and the stock exchanges to immediately investigate these illegal trades and take appropriate action to safeguard the interests of our over 11 million investors," it added.

Shares of Reliance Broadcast Network also went up by 5.37 per cent, while Reliance Capital jumped by 10.51 per cent, Reliance MediaWorks by 9.31 per cent and Reliance Power by 5.3 per cent today.

Meanwhile, the BSE benchmark Sensex was trading lower by 149.87 points at 17,442.90 at 1050 hours.