The Chairman of Anil Dhirubai Ambani Group (ADAG), Mr.Anil Ambani, sought a probe by the Securities and Exchange Board of India on the continuing slide of his flag Company Reliance communication Share Prices. A letter to this effect has been shot by him to the Market Regulator.
Accusing his elder brother Mr,Mukesh Ambani’s Reliance Industries hands into the slide, his surmise was that this has been done to derail their talks with MTN.
It may be recalled the earlier talks of MTN with Bharati Airtel for a merger did not go through after which these two companies have been engaged in talks with each other which has taken more twists and turns.
The Reliance Communication shares were quoted at a record low of Rs.381 during the week just ended.
The valuations are key to any moves and according to Anil Ambani by hitting at the valuations, Mukesh Ambani’s group has been abusing the market mechanism.
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