Reliance Group stocks down post SEBI order
Shares of Reliance Group cos were facing selling pressure after SEBI issued consent order by settling against Rel Infra and RNRL for a fee of Rs 50 cr.
By ET Bureau |
MUMBAI: Shares of Reliance Group Group stocks were facing selling pressure after Securities & Exchange Board of India issued consent order Friday by settling case against Reliance Infrastructure and RNRL for a fee of Rs 50 crore. The regulator also barred these companies, promoter Anil Ambani and five other directors from investing in the secondary market till December 2012.
SEBI was probing charges that the two companies had used funds borrowed overseas to invest in the capital markets, including shares of other companies controlled by Anil Ambani.
Shares of Reliance Power were down 4.59 per cent, Reliance Infrastructure fell 4.44 per cent, Reliance Capital declined 3.35 per cent, Reliance Communication tripped 3.29 per cent on the NSE.
SEBI was probing charges that the two companies had used funds borrowed overseas to invest in the capital markets, including shares of other companies controlled by Anil Ambani.
Shares of Reliance Power were down 4.59 per cent, Reliance Infrastructure fell 4.44 per cent, Reliance Capital declined 3.35 per cent, Reliance Communication tripped 3.29 per cent on the NSE.
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