RCOM asks for Sebi probe into stock slide

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ENS Economic Bureau Posted: Jul 05, 2008 at 2323 hrs IST

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Mumbai, July 4 : Sensing something wrong with the stock-price movement of Reliance Communications and stocks of its other group companies, the Reliance Anil D Ambani group (ADAG) today sought investigation by Securities and Exchange Board of India (Sebi) into price hammering.

Reliance ADAG has charged rival interests in the market of involvement in impacting valuations of its shares.

ADAG charged Reliance Industries Ltd of undermining its efforts to create a global Telecom company. It charged RIL of making desperate attempts to derail MTN discussions.

Reliance Communications’ shares had taken a beating of around 30 per cent over the last month and had touched a 52-week low of Rs 381.05 on Thursday. However, it gained 12.5 per cent in the markets today closing at Rs 438.20. When contacted an RIL spokesperson declined to comment, saying, “We don’t comment on market reports.”

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On Thursday RIL had sent a statement to ADAG saying, “RIL has invoked the provisions of dispute resolution contained in the non-competition agreement dated January 12, 2006, and has invited RComm to participate in the process of mutual conciliation prior to commencement of formal arbitration.” Sources said ADAG has also charged that RIL was undermining Anil’s efforts to create a global telecom giant worth $70 billion with strong Indian roots by merging RComm and MTN.

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