Anil Ambani hit as shares crash, assets seized
Shares of companies controlled by Anil Ambani declined sharply on Monday after the Enforcement Directorate froze assets valued at more than 3,000 crore rupees. Reliance Power dropped 6 percent while Reliance Infrastructure fell 5 percent. Reliance Communications, which resumed trading after a weeklong halt, slipped 2 percent to 1.32 rupees. The telecommunications firm is navigating bankruptcy proceedings and has experienced repeated trading suspensions.
Authorities issued the provisional attachment order on Oct. 31 under money laundering prevention laws. Seized properties include Ambani’s luxury residence in Mumbai’s Pali Hill neighborhood and real estate holdings scattered across the Delhi region and other metropolitan areas. Reliance Communications has delivered poor performance for investors over an extended period. The stock traded above 792 rupees in January 2008 but has since plunged more than 99 percent. The shares have lost 30 percent during the current calendar year and declined 40 percent over the past 12 months.
