ADAG stocks erase intra-day gain; RCom, RInfra down over 3%

ADAG stocks erase intra-day gain; RCom, RInfra down over 3%

Shares of Anil Dhirubhai Ambani Group (ADAG) companies erased their entire intra-day gain and were trading lower by up to 5 per cent on the BSE despit

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Shares of Anil Dhirubhai Ambani Group (ADAG) companies erased their entire intra-day gain and were trading lower by up to 5 per cent on the BSE despite the chairman reaffirming the group’s commitment to meet all future debt servicing obligations in a timely manner, through further asset monetisation plans “that are already at various stages of implementation”.

(RInfra) slipped 4 per cent to Rs 62, after surging 12 per cent in intra-day deal on the BSE. was trading 1 per cent lower at Rs 90, after hitting high of Rs 96 in intra-day trade. Reliance Power, Reliance Communications (RCom) and Reliance Naval and Engineering were down 3 to 5 per cent each on the BSE.

However, Reliance Home Finance and Reliance Nippon Life Asset Management have bucked the trend and were up 1 per cent each. In comparison, the benchmark S&P BSE Sensex was up 0.32 per cent at 12:03 am.

Most of these stocks were trading at their multi-years low. In past one week, the market price of RInfra and have plunged 36 per cent and 25 per cent, respectively, while Reliance Home Finance and Reliance Power dipped 20 per cent each.

Ambani said the has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 month period from April 1, 2018 till May 31, 2019. These comprise principal repayments of Rs 24,800 crore and interest payments of Rs 10,600 crore.

Ambani said that in the last 14 months, lenders from all categories – whether banks, mutual funds, insurance companies, provident funds or NBFCs – have not provided any net additional liquidity or debt to any entity of the

“To compound matters, the regulatory bodies and courts have not passed any final adjudication orders on claims aggregating to over Rs 30,000 crore that are due for more than 5 – 10 years to various Group companies, especially Ltd and Reliance Power Ltd, and their affiliates,” he said. The final decisions have only been inordinately and repeatedly delayed for one reason or the other, Ambani added.

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