ADAG seeking action against brokers

MUMBAI, INDIA: Reliance ADA Group, the parent company of Reliance Communications, said on Friday it had identified stock brokers sending "baseless sensational charges" against the group through emails, text messages and voice calls and was seeking regulatory investigation against them.

The group did not name any of the brokers but said in a statement it was seeking "punitive interim orders" against them.

Shares in the companies of the group led by billionaire Anil Ambani fell sharply on Friday morning, for the second time this week.

Shares in billionaire Anil Ambani-led companies fell sharply on Friday morning, for the second time this week.

At 1 p.m. IST Reliance Communications was down by 4.61 per cent at Rs. 92.10, while Reliance Infrastructure was down 2.4 per cent at Rs. 569.00. Reliance Power slipped 2.66 per cent Rs. 109.65.

On Wednesday, Reliance ADA Group had blamed a sharp drop in its stocks on what it said was a series of "baseless and motivated rumors" spread by rivals, and said it had complained to the market regulator.