Ambani companies drag Sensex 71 points down

The Reliance saga is causing nervousness on Dalal Street once again. Reliance group shares fell on Friday, dragging the benchmark Sensex dow...

The Reliance saga is causing nervousness on Dalal Street once again. Reliance group shares fell on Friday, dragging the benchmark Sensex down by 71 points in unloading after Thursday’s recovery.

Reliance group’s market capitalisation — market value of listed shares — fell by Rs 2,494 crore in a single day. Reliance Energy, which lost 6.5 per cent to Rs 505.85, led the decline. Market leader Reliance Industries fell by 2.44 per cent to close below the Rs 500 mark at Rs 499.4.

The market cap of Reliance Industries — which has 3.5 million shareholders — declined by Rs 1,745 crore to Rs 69,716, while Reliance Energy (controlled by Anil Ambani) fell by Rs 653 crore to Rs 9,391 crore.

Story continues below this ad

‘‘We are worried about the continuing tussle in the Reliance group. The infighting could affect the performance of the group companies,’’ said a BSE broker who preferred anonymity.

From a high of Rs 690 on October 6, the REL stock has lost over one-fourth of its value. Reliance Industries slipped below the Rs 500-mark as selling pressure continued on the counter. The two stocks — which account for about 12 per cent of the Sensex — have lagged the uptrend in the recent past. There has been weak trading in Reliance group stocks in the past few weeks amid fears that a rift in the family would affect the functioning of the group firms.