India's Reliance group stocks drop after court order on RCom chairman

Swan Defence and Heavy Industries

20/02/2019 05:57

** Shares of Anil Dhirubhai Ambani's Reliance group
companies fall on Wednesday, after India's Supreme Court found
Ambani guilty on contempt in Ericsson case 
    ** Top court says Ambani, chairman of Reliance
Communications Ltd  RLCM.NS  (RCom) willfully did not pay 5.5
bln rupees ($77.22 mln) to Swedish telecom equipment maker
Ericsson  ERICb.ST , holding him guilty in a contempt of court
case  urn:newsml:reuters.com:*:nI8N1XU022
    ** Ambani and two directors of RCom have been asked to pay
4.5 bln rupees to Ericsson within four weeks, else they would
face a three-month jail term 
    ** RCom shares drop as much as 9.2 pct to 5.45 rupees
    ** Reliance Infrastructure Ltd  RLIN.NS  falls as much as
8.7 pct
    ** Reliance Naval and Engineering Ltd  RELV.NS  shares down
as much as 3.4 pct while those of Reliance Power Ltd  RPOL.NS 
fall as much as 5 pct

($1 = 71.2240 Indian rupees)

 ((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))