Reliance Capital, Reliance Home Finance shares fall for third straight day; drop over 9%

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Share price of Anil Ambani-led group companies — Reliance Capital and Reliance Home Finance — dropped for the third day in a row after auditor PwC resigned as the statutory auditor of both firms. The shares of Reliance Capital plunged up to 9.3 per cent to end at Rs 76.55 on the BSE in the intraday trade Friday. Earlier in the day, the stock has fallen 13.15 per cent to touch a 52-week low of Rs 73.30. Similarly, shares of Reliance Home Finance dropped 4.01 per cent to end at Rs 14.35. In the intraday trade, it fell 7.35 per cent to a one-year low of Rs 13.85.

The shares of both companies fell more than 12 per cent on Thursday and nearly 7 per cent on Wednesday, respectively. The stock exchanges have been asked to look into the matter and accumulate all necessary information such as trading details and statements by the three entities as SEBI and corporate affairs ministry probes sudden resignation by PwC as auditor of both firms.

It was on Wednesday that Anil Ambani-led companies had informed the exchanges that PwC has resigned as statutory auditor of the two firms. The companies had said that they did “not agree with the reasons given by PwC” for its resignation.

Sensex fell 289 points Friday, owing to muted performance by banking stocks amid weak cues from global markets. Sensex settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90. NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, Yes Bank, HCL Tech, HUL and Hero MotoCorp were among the top losers in the Sensex pack.

The domestic, as well as, the global stock markets are trading volatile amid rising crude prices and concerns around global trade war.

[“source=financialexpress”]