Reliance Group shares fall after Supreme Court holds Anil Ambani, two directors guilty of contempt of court in Ericsson case

The Reliance Group shares fell in trade today after the Supreme Court held Reliance Communications Chairman Anil Ambani and two more directors guilty of contempt of court in a petition filed by Ericsson India against him over non-payment of dues worth over Rs 550 crore. The Reliance Group shares were the top losers on the BSE. While Reliance Communications share price fell 6.15% to 5.65, Reliance Capital fell 10.26% to 135.95. Shares of Reliance Infrastructure too lost 5.03% to 116.05 level. Reliance Power stock too fell 0.46% to 10.80 on the BSE.

Also read: Anil Ambani, 2 others found guilty of contempt; SC says pay up or go to jail

The fall in share prices comes after the Supreme Court in its judgment today said Anil Ambani and the two directors had to pay Rs 453 crore to Ericsson India in four weeks, failing which they could be jailed for at least three months. The SC also imposed a fine of Rs 1 crore each on them. If they fail to deposit the fine, one-month jail will be awarded, said the Supreme Court.

The other two directors are Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani.

Also read: Promoter stake falls below 50% in Anil Ambani's Reliance Capital, Reliance Communications

The fall in the share price of Reliance Group firms comes a day after they surged on inking of a 'standstill agreement' with more than 90 per cent of its lenders under which they would not sell any of the shares pledged by promoters till September. While Reliance Infrastructure share price surged 13.01% to 129.85, Reliance Capital share price rose 11.51% to 165.65 on the BSE. The Reliance Communications share price surged over 12% to 6.15 on the BSE. The Reliance Power stock too surged over 9 percent to 11.70 in trade on Monday.

Meanwhile, the  Sensex and Nifty were trading higher in afternoon trade. At 12: 38 pm, the  Sensex rose 187 points to 35,539 level  and the Nifty gained 64 points to 10,668 level.

Edited by Aseem Thapliyal