Shares in Anil Ambani group of companies have fallen sharply amid a broad selloff across equities. Reliance Power, Reliance Communications, Reliance Infra, Reliance Capital and Reliance Media have together lost over Rs. 10,000 crore in market capitalization since March 14, 2013.
All these stocks have fallen for five straight days and are on course to register their sixth loss in as many sessions. The Sensex has fallen to a four-month low and the Nifty is trading below its long term support levels.
Reliance Communications: The stock is down 19 per cent in the last week. Most telecom stocks have been under pressure because of regulatory overhangs, but while Bharti Airtel bounced back strongly on Thursday, Reliance Communications failed to rebound. Huge debt on RCom’s books continues to weigh on the stock. The stock is trading near its 52-week low.
Reliance Power: The company’s 660 MW Sasan ultra mega power project (UMPP) was commissioned in Madhya Pradesh last week, but concerns over coal and gas supplies have weighed on the stock. The stock has hit a new 52-week low.
Reliance Infra: Infra stocks have been under pressure tracking sluggish growth in the Indian economy. The stock has hit a 52-week low.
Reliance Capital: The stock gained on hopes of a banking licence after the Reserve Bank put out new guidelines last month, but since then selling pressure has set in.
Reliance Media: The stock has hit a new 52-week low.
Source : NDTV Profit.