Reliance Group says L&T Finance, Edelweiss Group caused share drop

Reliance Group says L&T Finance, Edelweiss Group caused share drop
Highlights

Three listed entities of Indian conglomerate Reliance Group owned by Anil Ambani on Friday said LT Finance Holdings Ltd and certain entities of Edelweiss Group were responsible for their shares plunging near 55 per cent over the last few days

Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sale of about 4 billion rupee during Feb 4-7.

Three listed entities of Indian conglomerate Reliance Group - owned by Anil Ambani - on Friday said L&T Finance Holdings Ltd and certain entities of Edelweiss Group were responsible for their shares plunging near 55 per cent over the last few days.

A few non-banking financial companies (NBFCs) invoked pledged shares of Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sale of about 4 billion rupees (USD 56.23 million) during Feb 4-7, the companies said in filings.

Edelweiss Group and L&T Finance did not immediately respond to Reuters’ request seeking comment.

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