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Business Companies 08 Feb 2019 Reliance Group says L&T Finance, Edelweiss Group caused share drop

Business, Companies

Reliance Group says L&T Finance, Edelweiss Group caused share drop

REUTERS

Published : Feb 8, 2019, 3:10 pm IST

Updated : Feb 8, 2019, 3:10 pm IST

Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sale of about 4 billion rupee during Feb 4-7.

Three listed entities of Indian conglomerate Reliance Group - owned by Anil Ambani - on Friday said L&T Finance Holdings Ltd and certain entities of Edelweiss Group were responsible for their shares plunging near 55 per cent over the last few days.

A few non-banking financial companies (NBFCs) invoked pledged shares of Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sale of about 4 billion rupees (USD 56.23 million) during Feb 4-7, the companies said in filings.

Edelweiss Group and L&T Finance did not immediately respond to Reuters’ request seeking comment.

Tags: reliance group, shares, revenue, loss, anil ambani, nbfc

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