ADAG stocks bleed as SC finds Anil Ambani guilty of contempt

NEW DELHI: Shares of Anil Ambani led Reliance ADAG Group companies were trading in the negative zone during Wednesday's trading session after the Supreme Court held Anil Ambani guilty of contempt for not clearing dues of Rs 550 crore and directed him to pay Rs 453 crore to Ericsson in 4 weeks.

Reliance Communication responded and said that it will be complying with the Supreme Court's order.

Shares of Reliance Capital (down 4.26 per cent), Reliance Communications (down 3.65 per cent) and Reliance Naval and Engineering (down 2.34 per cent) closed with losses upto 4 per cent.

While Reliance Infrastructure (down 2.29 per cent) and Reliance Power (down 0.92 per cent) also closed in the red.

Additionally, apex court has also imposed a fine of Rs 1 crore each on them, if not deposited within a month they will have to serve 1-month jail.

"Three Reliance companies had no intention of payment of money, it amounts to contempt," SC said in its judgement.

"Unconditional apology by Reliance can't be accepted given the attitude of the deponent to the highest court of the land," SC said.