Stock prices of companies run by both Mukesh Ambani and Anil Ambani fall on the bourses

Dalal Street Street always wants more. A day after the Ambani brothers showed a unified face by coming together at a family function at Chorwad and even danced along with their families to send across a message, the stock markets gave a cold shoulder to this development. Shares of companies run by both Mukesh Ambani and Anil Ambani came under selling pressure on Wednesday with all of their stocks ending in the red in a bearish market.

On Tuesday, when both the brothers descended at Chorwad village in Gujarat on the occasion of their father late Dhirubhai Ambani's 80th birth anniversary celebrations, shares of Anil Ambani-led companies had reported handsome gains with anticipation of some sort of synergy in operations between the two groups.

However, this euphoria fizzled out on Wednesday at the absence of any announcement of formal co-operation between the companies run by the brothers . The stock of Anil Ambani-led Reliance Broadcast fell by 3.29 per cent to close at Rs 50.05; Reliance Capital down by 2.08 per cent to close at Rs 247; Reliance Communications down by 1.44 per cent at Rs 71.85; Reliance Infrastructure down by 2.84 per cent at Rs 358.70; Reliance Media down 3.93 per cent at Rs 72.10 and Reliance Power down 0.42 per cent to close at Rs 71.95. Similarly, the stocks of Reliance Industries Ltd (RIL) controlled by Mukesh Ambani slid 1.95 per cent to close at Rs 738.55. His other firm Reliance Industrial Infrastructure Ltd (RIIL) was also down 2.52 per cent to close at Rs 307.75.

Only Reliance Chemotex Industries of Mukesh Ambani closed with a gain of 0.23 per cent at Rs 128. On Tuesday, the RIL stock had also closed in negative. "The market has become immune to any positive development. This is the typical behaviour of a bearish market," said Kishor Ostwal, chairman, CNI Research.

"The market has viewed the Ambani family reunion as a private affair on the occasion of Dhirubhai's birth anniversary. It (the get together) does not imply any certainty of co-operation. It takes time. The market was expecting some concrete developments," Ostwal said.

The coming together of the two brothers is certainly a good beginning for their companies as well as shareholders and their mother Kokilaben has been tirelessly working to bridge their gap. Their father died in July 2002 and since then the brothers drifted apart. The Reliance group formally split in 2005 with the brothers going their separate ways. Since earlier this year there has been some sort of a truce between the two brothers and their mother on Monday told journalists that both her sons were together.

The Ambani brothers and sisters, along with their families, spent two days at Chorwad to dedicate a memorial in the name of their father on his 80th birth anniversary.

The home in which the Reliance group founder spent his childhood and where Kokilaben came as a bride has been converted into a memorial. This has been done according to the wishes of Kokilaben with both her sons spending huge amounts of money for the conversion of the old building into a posh memorial.

The memorial has three sections, which include a picture gallery, the old residence of Dhirubhai and an auditorium.

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