ADAG stocks trade weak; RCom hits new low after lenders sell pledge shares

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were under pressure with Reliance Communications (RCom) hitting a new low of Rs 4.65, down 5 per cent on the BSE, after lenders sold 120 million pledged shares that accounted for 4.34 per cent stake of promoters in the telecom firm.

Besides RCom, Reliance Capital (down 7 per cent at Rs 175), Reliance Power (4 per cent at Rs 11), Reliance Infrastructure (3 per cent at Rs 126), Reliance Naval and Engineering (3 per cent at Rs 10), Reliance Home Finance (3 per cent at Rs 27) and Reliance Nippon Life Asset Management (2 per cent at Rs 198) were down in the range of 2 to 7 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.04 per cent at 37,767 points at 11:49 am.

According to regulatory filing, Axis Trustee Services (subsidiary of Axis Bank) acting as security/debenture trustee had sold 120 million equity shares representing 4.34 per cent total equity of RCom on March 11, 2019.