Anil Ambani-led Reliance group stocks tumble up to 12% on heavy selling

The scrip of Reliance Communications slumped 12.12 percent, Reliance Capital tanked 10.21 percent and Reliance Infrastructure plummeted 9.16 percent on BSE.

Anil Ambani-led Reliance group stocks tumble up to 12% on heavy selling

New Delhi: Shares of Reliance group of companies, led by Reliance Communications, on Wednesday came under massive selling and tumbled up to 12 percent.

The scrip of Reliance Communications slumped 12.12 percent, Reliance Capital tanked 10.21 percent and Reliance Infrastructure plummeted 9.16 percent on BSE.

Among others, Reliance Power dived 8.55 percent, Reliance Naval and Engineering tumbled 8.18 percent, Reliance Home Finance (7.09 percent) and Reliance Nippon Life Asset Management (6.87 percent).

In intra-day trade, shares of RCom crashed 16.88 percent to hit its 52-week low of Rs 9.60, Reliance Capital plunged 14.99 percent to Rs 400.20.

Reliance Infra slumped 14.99 percent to Rs 390.60 in intra-day session, Reliance Power dropped 10.23 percent to Rs 34.65 (52-week low), Reliance Naval tanked 11 percent to Rs 42.40 (52-week low), Reliance Home fell sharply by 12.14 percent to Rs 62.55 (52-week low) and Reliance Nippon Life skidded 9.14 percent to Rs 248.

Debt-laden telecom operator Reliance Communications on Saturday reported a consolidated loss of Rs 2,709 crore in the second quarter to September 2017.

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.

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