Lenders Dump Anil Ambani Group After $1.8 Billion of Value Wiped Out
- Lenders dump $1.8 billion of Ambani group shares this month
- Sale is ‘illegal, motivated,’ Anil Ambani says in statement
Anil Ambani
Photographer: Adeel Halim/Bloomberg
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Lenders dumped shares of Anil Ambani companies after the value of the collateral plummeted following a selloff that wiped 126 billion rupees ($1.8 billion) off the group’s market value this month, adding to the litany of woes plaguing the Indian billionaire.
Creditors sold 5.5 billion rupees of shares in four companies -- Reliance Power Ltd., Reliance Infrastructure Ltd., Reliance Communications Ltd. and Reliance Capital Ltd. -- leading to a 3-to-8 percentage-point reduction in founders’ stakes in these firms, according to filings. The sale by firms including L&T Finance Ltd. and Edelweiss Group is “illegal, motivated and wholly unjustified,” the group said in a statement.