ADAG wants Edelweiss Group banned from capital markets

Anil Ambani’s Reliance Group entities, namely Reliance Project Ventures and Management, Reliance Wind Turbine Installators Industries, Reliance Infrastructure have on Monday, sent a letter to SEBI Chairman Ajay Tyagi requesting an immediate ban on Edelweiss Group from the capital markets and for an in-depth investigation into the alleged illegal sale of pledged shares.

These three ADAG entities collectively hold 75 per cent in a listed entity Reliance Power whose shares plunged over 50 per cent — from Rs. 27.2 to Rs. 11.7 — in just two trading sessions. Reliance Group has blamed “illegal actions” of Edelweiss Group for the sharp fall in the share value.