ADA Reliance charges RIL of rival interests

Mumbai, Jul 4: Anil Dhirubhai Ambani Group has sought the Securities and Exchanges Board of India (SEBI) to probe into price hammering of Reliance Communications (RComm) scrips and other group company stocks.

According to the sources close to the development, the group has already filed an application to the market regulator in this regard. ADA-Reliance had charged its rival interests with market abuse to impact its valuations on Mukesh Ambani Group's Reliance Industries Ltd (RIL), sources said. The group has also charged RIL of desperate attempt to derail its ongoing deal with South African telecom major MTN, sources added.

During the last one month some of the ADAG group company stocks, which usually fetched a relatively higher price-earning ratios, have been battered badly and fell on an average of 20 to 40 per cent, according to market analysts.

One the latest and once highly demanded stocks of the group, Reliance Power, was at a marginal gain today. But it was still languishing at a lower end near Rs 135.15 at 1300 hrs. RCom has also improved today and was trading at Rs 411.05 after losing heavily in the last few days of bearish market conditions.

UNI