Anil Ambani Stocks Plunged :Touched a 52-week low on 9th Feb'11

"ADAG Shares"

Again Stock Market closed at a low.There were recovery in equities but it was short-lived as selling pressure intensified across the board and benchmarks hit new intraday lows. The decline was led by losses in realty, power and metals space while Oil&gas sector was marginally lower. Including all these sectors Anil Ambani Group companies felt huge loss and they touched a 52-week low today.

Top Sensex losers were:  

• Reliance Infrastucture (-22.69%)
• Reliance Communication (-15.81%)
• Jaiprakash Associates (-12.22%) 
• Hindalco (-6.17%)
• Hero Honda (-5.03%)  

Anil Dhirubhai Ambani Group (ADAG) stocks plummeted on Wednesday after ADAG chairman Anil Ambani reportedly met Telecom Minister Kapil Sibal.His call on the telecom minister comes in the backdrop of the ongoing 2G spectrum scam probe.

Anil Ambani Group companies performed badly under selling pressure as sentiments turned bearish on the group after Jaipur based audit firm Parakh & Co approached the telecom ministry second time complaining against Reliance Communications. In its latest complaint, the firm has sought 'urgent intervention' from the telecom department to 'restrain RCom from adopting coercive tactics against it, and also withdraw proceedings against the firm at various forums.

Fall of Reliance Stocks:

• Reliance Communications fell over 16 per cent to Rs 93
• Reliance Infrastructure fell over 21 per cent to Rs 520
• Reliance Power slipped by 11 per cent to Rs 110
• Reliance Capital dipped by 16 per cent to Rs 405