Reliance Communications Falls to a Record Low on Phone Probe
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Reliance Communications Ltd., the flagship company of Indian billionaire Anil Ambani, fell to a record in Mumbai trading and led stocks of other group companies lower after investigators widened a phone-license probe.
Reliance Communications declined 7.5 percent to 71.75 rupees at the 3:30 p.m. close of trading in Mumbai, the lowest level since it began trading in 2006. Reliance Capital Ltd. dropped 12 percent to 315.15 rupees, while Reliance Infrastructure Ltd. lost 7.4 percent to 373.45 rupees, the lowest in 8 years.