INSUBCONTINENT EXCLUSIVE:
Thursday.
Companies belonging to the debt laden Anil Ambani Group were the worst performers on the BSE Mid-Cap index, with Reliance Capital,
Reliance Power, Reliance Infrastructure and Reliance Nippon Life Asset Management losing 4-13 per cent
In the the small cap space, Reliance Home Finance fell 6.6 per cent.
Dewan Housing Financial Corporation, which has been gripped by
liquidity crisis amid allegations of financial irregularities over the last year, saw its stock tumble 8 per cent to Rs 157.2.
Select Adani
not ready to bail out weak companies
carries high debt and is in operational trouble, other companies in the same or other sectors which also have high debt and are loss making
retail research at HDFC Securities.
The broader market ended weak partly due to selling pressure in these companies
gone under last year, the effect was felt on highly geared companies
independent market expert Ambareesh Baliga.
The credit default by ILFS had spooked both debt and equity markets last year, drying up
liquidity in corporate bonds and causing sharp fall in shares of banks as well as non-banking finance companies.
Besides ILFS group
companies, some of the largest Indian corporates such as Sun Pharmaceutical Industries, ICICI Bank, YES Bank and Fortis Healthcare, have
come under the radar due to corporate governance concerns as well over the last one year.
