ADAG stocks in red; exception RPower surges by 18% in today’s trade

Shares of all Anil Dhirubhai Ambani Group companies barring Reliance Power plunged today on concerns surrounding the continued viability of the group. The group has debt in excess of Rs90,000 crore amid shrinking cash flows.

Reliance Capital continued to fall today, ending down nearly 9%, after the company Chairman Anil Ambani said the company would exit its lending business. The company wants its insurance units to become long-term value creators, Ambani told shareholders at the company’s annual general meeting (AGM) on Monday. The stock ended at Rs22.45 today.

Ambani shared the company’s plan for its lending business at its annual general meeting on Monday and said its arm, Reliance Home Finance and Reliance Commercial Finance, are working closely with lenders to finalise a resolution plan, expected to be completed by December.