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ADAG Group stocks fall up to 12% on intense selling pressure, Reliance Communications top loser on BSE

Reliance Capital (10.21 percent), Reliance Infrastructure (9.16 percent), Reliance Power (8.55 percent), Reliance Nippon Life Asset Management (6.87 percent) were among the top five losers on the BSE. Reliance Communications posted a consolidated loss of Rs 2,709 crore in the second quarter ended September following which the stock fell to its 52-week low on the bourses.

BT Online        Last Updated: November 16, 2017  | 10:35 IST
ADAG Group stocks fall up to 12% on intense selling pressure, Reliance Communications top loser

The ADAG Group stocks came under intense selling pressure in Wednesday's trade led by debt-laden Reliance Communications which was the top loser on the BSE. Reliance Communications which recently reported its Q2 earnings fell 12.12 percent, the most on the BSE. The company is reeling under a debt burden of more than Rs 34,844 crore, and has been in negotiations with the lenders to restructure loans.

Reliance Capital (10.21 percent), Reliance Infrastructure (9.16 percent), Reliance Power (8.55 percent) and Reliance Nippon Life Asset Management (6.87 percent) were among the top five losers on the BSE.

Reliance Communications posted a consolidated loss of Rs 2,709 crore in the second quarter ended September following which the stock fell to its 52-week low on the bourses.

The company had registered a profit of Rs 62 crore in the same period a year ago. This is the fourth straight quarter of loss for the company. RCom, which is on the verge of shutting its voice call service, witnessed a decline in revenue from its both India and global operations.

Recently, Reliance Communications failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period, according to a Bloomberg report. This was India's most high-profile default on international debt since the Insolvency and Bankruptcy Code was passed in May 2016.

Reliance Nippon Asset Management listed on NSE on November 6 at a 17 percent premium over issue price. The issue was open from October 25 to October 27. The IPO received 81.5 times subscription.

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