Reliance Industries, Essar stocks take a beating amid ‘espionage’ scandal

Stocks of Anil Ambani-led Reliance Group companies, Essar Oil and Mukesh Ambani-led Reliance Industries Ltd witnessed huge selling pressure today as investors booked profit amid concerns relating to the “corporate espionage” scandal.

Shares of Essar Oil fell by 3.79 per cent to Rs 107.90 on the BSE, while those of Cairn India fell by 1.60 per cent to Rs 249.10.

Among Reliance Group stocks, Reliance Communications was down 2.43 per cent, Reliance Capital fell by 1.99 per cent, Reliance Power (-1.74%) and Reliance Infrastructure (-1.52%).

Shares of RIL went down by 2.53 per cent to Rs 851.15 and was the biggest drag on the BSE benchmark Sensex.

Anil Ambani-led Reliance Group today said no police raids were conducted at any of its offices across the country in connection with the “corporate espionage” scandal.

The group, whose employee Rishi Anand was among the five corporate executives from top five energy firms arrested for allegedly buying stolen official documents, claimed “no incriminating material” was found during the search of the arrested employees’ work station.

So far 12 persons, including two junior staff of Petroleum Ministry have been arrested in the alleged scam to steal documents from the Ministry to sell to consultants and private companies.

Last Friday, two energy consultants Santanu Saikia and Prayas Jain and five senior executives from top energy firms identified as Shailesh Saxena from RIL, Vinay Kumar from Essar, KK Naik from Cairns, Subhash Chandra from Jubilant Energy and Rishi Anand from ADAG Reliance were arrested.

Reliance Industries Limited (RIL)