Selling pressure hits ADAG stocks

MUMBAI: Shares of Anil Ambani firms took a severe beating, plunging as much as eight per cent on BSE, as jittery investors offloaded shares amid weakness in the broader market and the widening probe in the 2G spectrum allocation scam.

ADAG Chairman Anil Ambani was called to the CBI headquarters on February 16 and questioned for over three hours in relation to the scam. Marketmen said it has dampened investor confidence in ADAG group companies.

The weakness in the ADAG shares was led by Reliance MediaWorks, which plummeted by 7.94 per cent to close at Rs 142.70 on the Bombay Stock Exchange.

Among the BSE benchmark Sensex 30 components, Reliance Communications emerged as the worst hit with a sharp fall of 6.8 per cent. Shares of the telecom giant closed at Rs 93.15 a piece on BSE.

Besides, Reliance Infrastructure also bore the sell-off brunt and closed at Rs 605.60, slipping 5.6 per cent from the previous close on the BSE.

"Major laggards were the infrastructure stocks as the concerns over recent scams resurfaced," said an expert.

Another laggards were -- Reliance Capital and Reliance Power, which plunged by 6.98 per cent and 5.79 per cent, respectively.

Meanwhile, the BSE bellwether Sensex finished the day 295.30 points lower at 18,211.52.