Reliance Communications erodes 95% of shareholder wealth since listing

Shares of Reliance ADAG companies came under heavy selling pressure on Wednesday, after the Supreme Court of India held the chairman and two directors guilty of contempt of court on three contempt applications filed by Telecom equipment maker Ericsson against him over not clearing dues of Rs 550 crore.

The apex court has asked RCom to pay Rs 453 crore to Ericsson within four weeks, failing which, Anil Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani would face a three-month jail term.