"The positive momentum after the court ruling brought back encouragement to the ADAG pack. But if Reliance Industries goes to the Supreme Court it will start another long drawn battle. Keeping this in
mind, the today's bull run in the ADAG pack looks short term," SMC Capital Equity Head Jagannadham Thunuguntla said.
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India Today June 18, 2009 Mukesh Ambani Led Firms Lose Rs 32,574 Cr After Court Verdict
1. Mukesh Ambani led firms lose Rs 32,574 cr after Court verdict
15 Jun 2009, 2154 hrs IST, PTI
MUMBAI: Mukesh Ambani-led group companies lost a whopping Rs 32,574 crore in market capitalisation
today, while Anil Ambani group firm RNRL gained Rs 3,438 crore after the Bombay High Court asked RIL
to supply gas to the ADAG firm at USD 2.34 per mmBtu.
The Mukesh Ambani pack which includes country's largest private sector firm Reliance Industries Ltd,
Reliance Petroleum and infrastructure firm Reliance Industrial Infrastructure Ltd (RIIL) lost more than Rs
32,574.67 crore after stocks of all the three companies settled with loss of as much as 7 per cent.
Reliance Industries's market capitalisation at the end of today's trading session stood at Rs 3.44 lakh
crore, a loss of over Rs 27,753.94 crore from its Friday's market capitalisation. On June 12, RIL's market
capitalisation stood at Rs 3.71 lakh crore. "After the court ruling the Mukesh Ambani-led group companies
got hammered as the verdict was a major victory for the ADAG group firms," Ashika Stock Brokers
Research Head Paras Bothra said.
In what is seen as a major victory for Anil Ambani, engaged in one of the most fiercely fought corporate
battles, the Bombay High Court today asked elder brother Mukesh's RIL to supply gas from the KG basin
at USD 2.34 mmBtu to the former's group firm.
Reliance Natural Resources Ltd (RNRL) today led the pack of gainers among the ADAG group
companies, with a surge of over 24 per cent or a Rs 3,438 crore gain in its market cap.
In just a single trading session the market capitalisation of RNRL swelled to Rs 17,694.96 crore today
from Rs 14257.22 crore on Friday last.
The other major gainers in the ADAG pack include Reliance Power which saw a gain of Rs 1,990 crore in
its m-cap while, Reliance Infrastructure's m-cap surged by Rs 364.54 crore.
However, three other ADAG group firms-- Reliance Capital, Reliance Communications and Adlabs settled
for in negative territory today and collectively lost Rs 3,365 crore.
"The positive momentum after the court ruling brought back encouragement to the ADAG pack. But if
Reliance Industries goes to the Supreme Court it will start another long drawn battle. Keeping this in
mind, the today's bull run in the ADAG pack looks short term," SMC Capital Equity Head Jagannadham
Thunuguntla said.
Among the Mukesh Ambani group Reliance Petroleum lost Rs 4,725 crore and RIIL lost Rs 95.73 crore.
Asking the Reliance Industries to enter into a fresh "suitable agreement" within a month, a division bench
of Justices J N Patel and K K Tated said that the new agreement should be as per the Memorandum of
Understanding (MoU) between the Ambani brothers Mukesh and Anil.