ADAG stocks collapse

Six Anil Dhirubhai Ambani group stocks fell 10% to 23.38% on reports the group's chairman Anil Ambani met Telecom Minister Kapil Sibal in the backdrop of ongoing 2G probe.

At 14:57 IST, Reliance Infrastructure (down 23.38%), Reliance MediaWorks (down 18.53%), Reliance Communications (down 16.31%), Reliance Capital (down 16.14%), Reliance Power (down 11.63%) and Reliance Broadcast Network (down 10%), slumped.



Earlier, DB Realty's promoter Shahid Usman Balwa was arrested by the Central Bureau of Investigation (CBI) on Tuesday, 8 February 2011 for his alleged role in the 2G scam after a day long interrogation.

A Raja, the controversial former telecom minister was arrested by the Central Bureau of Investigation (CBI) on Wednesday, 2 February 2011, for his alleged involvement in the 2G spectrum allocation scam

Last month, the stock market regulator Securities & Exchange Board of India (Sebi) passed a consent order with regard to its probe into possible violation of securities market norms by Anil Dhirubhai Ambani group (ADAG) companies Reliance Infrastructure (R-Infra) and Reliance Natural Resources (RNRL). The case relates to a probe by Sebi in dealings in the shares of another ADAG firm Reliance Communications and investigations related to alleged violation of foreign investment norms.