
BUZZ-India’s Reliance Group cos surge after lenders agree to not sell pledged shares
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** Shares of Anil Ambani-led Reliance Infrastructure Ltd , Reliance Power Ltd and Reliance Capital Ltd rise between 11.3 – 19.9 pct
** On Saturday, lenders of the 3 cos announced they would not sell their pledged shares in the cos (bit.ly/2GwN2HQ) (bit.ly/2SJE3JU) (bit.ly/2TTGCFJ)
** This comes as a relief for cos after shares plunged earlier this month following reports of L&T Finance Holdings Ltd and certain entities of Edelweiss Group selling stock of the Reliance Group cos they held as collateral
** The sale was termed as “illegal and excessive” by Reliance Group but L&T and Edelweiss rejected the accusations
** Reliance Infrastructure Ltd, which rose as much as 19.88 pct, recorded its biggest intra-day pct gain since May, 2009 while Reliance Power saw its strongest intra-day performance since Jan last year
** However, the stocks have taken a beating this year as of Friday’s close with Reliance Infra and Reliance Power falling over 60 pct while Reliance Capital shed 35.3 pct
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