Lenders including private banks and mutual funds have asked Anil Ambani-controlled Reliance Group’s promoter entities to put more collateral on the table to secure their Rs 6,000-crore exposure. The margin calls first started in October last year when the Reliance Power stock began showing signs of weakness, according to a lender.
The Anil Ambani group alleged last week that two of the 11 lenders — L&T Finance Holdings and Edelweiss — invoked the pledge and sold the company’s shares “illegally”, triggering a domino effect. The maximum fall in the group’s shares has been witnessed since early this month, after Reliance Communications declared it would move the National Company Law Tribunal (NCLT) for debt resolution.
