RCom shares tank 9% after SC order, other ADAG stocks also decline

NEW DELHI: Shares of Reliance Communications tumbled more than 9 per cent on Wednesday after the Supreme Court found Anil Ambani and two other directors guilty on contempt in Ericsson case.
The top court stated that RCom chairman Ambani willfully did not pay Rs 550 crore to the Swedish telecom equipment maker. Ambani and two directors have been asked to pay Rs 450 crore to Ericsson within four weeks, else they would face a three-month jail term.
It also directed RCom, Reliance Telecommunication and Reliance Infratel to deposit Rs 1 crore each to the top court’s registry in four weeks or the chairman of these companies will have to go an additional jail term of one month.

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