INSUBCONTINENT EXCLUSIVE:
Shares of Anil Ambani-controlled RCom have dropped 55.2% since it announced its plan on FridayA disposal of pledged securities by financial
firms caused steep declines over the last few days in the shares of some companies belonging to conglomerate Reliance Group - controlled by
tycoon Anil Ambani, the Reliance companies said on Friday.A few non-banking financial companies (NBFCs) invoked pledged shares of Reliance
Capital, Reliance Infrastructure and Reliance Power, and made open market sales of about Rs 400 crore ($56.23 million) during February 4-7,
62.1 per cent, while those of Reliance Infrastructure dropped 58.6 per cent, and Reliance Capital fell 38.6 per cent.The companies said the
disposals were made by LT Finance Holdings Ltd and certain entities of Edelweiss Group
It was not clear who had pledged the shares.Reliance Group called the move by the NBFCs "illegal and excessive", and said the sale was done
without attempts at "orderly market disposal"
Reliance Capital, Reliance Infrastructure and Reliance Power were "performing satisfactorily on all operating parameters", the group
added.Edelweiss Group and LT Finance did not immediately respond to Reuters' requests seeking comment.Reliance Group also said that plans by
Anil Ambani-controlled Reliance Communications (RCom) to resolve its debt through the National Company Law Tribunal had no adverse impact on
the three companies in question.RCom's stock has dropped 55.2 per cent since it announced its plan on Friday.($1 = Rs 71.1410)
