MUMBAI: The Anil Ambani-led Reliance Power (RPower) on Wednesday moved the Bombay high court, seeking to reverse the sale of its pledged shares by the Edelweiss Group. But the court refused to grant any interim relief to the embattled company. A single-judge bench headed by KR Shriram refused to order the reversal of the sale process or grant any other relief to the company and posted the matter for detailed hearing on Thursday.
The move follows a war of words between the two companies last week when Edelweiss and L&T Finance had sold pledged shares of R-Power and other group companies, following a steep correction in share prices. The stock plunge was the result of Reliance Communications (RCom) filing for bankruptcy on February 1. Since then, Reliance Group companies have lost around 70% of their market value.
