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ADAG shares hit 52-week lows; RCom falls 14%

SI Reporter/Mumbai 16 May 18 | 10:22 AM

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading lower for the second straight day with Reliance Communications (RCom) falling 14% in intra-day trade on Wednesday after bankruptcy court admits Ericsson's plea against the company.

Besides, RCom, Reliance Naval and Engineering, Reliance Nippon Life Asset Management, Reliance Home Finance, Reliance Capital, Reliance Power and Reliance Infrastructure were down in the range of 2% to 6% on the BSE.  All these stocks were trading at their respective 52-week lows.

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According to Reuters report, Ericsson, which signed a seven-year deal in 2014 to operate and manage Reliance Communications' nationwide network, is seeking Rs 11.55 billion ($170.21 million) from the company and two of its subsidiaries. CLICK HERE TO READ FULL REPORT

“Reliance Communications and two of its subsidiaries Reliance Telecom and Reliance Infratel await the detailed orders of the Hon’ble National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC," RCom said in a regulatory filing.

The Companies will decide the next course of action after studying the orders, it added.

COMPANYLATEST52 WK LOWPREV LOWPREV DATERELIANCE CAPITAL368.70364.10373.0015-May-18RELIANCE HOME54.5054.0556.3015-May-18RELIANCE INFRA.381.50375.25383.2015-May-18RELIANCE NAV.ENG12.9012.6513.1515-May-18RELIANCE NIP.LIF236.00233.00237.2516-Nov-17RELIANCE POWER32.8532.4532.5015-May-18

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Company Price Gain (%)
Sun Pharma.Inds.601.656.91
Yes Bank381.752.87
ICICI Bank332.302.17
Axis Bank618.302.15
Reliance Inds.1,210.952.00


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