New Delhi, Feb 10 (IBNS) The Reliance Anil Dhirubhai Ambani Group on Thursday said it has complained to the market regulatory bodies and other agencies against a bear cartel that has caused a loss of Rs 3 lakh crore to the infrastructure market in past weeks and created panic among the investors. ?
The company said it became a victim of that illegal bear cartel.?
Reports on Wednesday said an official of the Institute of Chartered Accountants of India (ICAI) had questioned some of the accounting practices of Reliance Infra, but the company denied the report as a distorted version that caused panic.?
Owing to the “rumours”, the Reliance’s stocks plummeting up to 19 per cent the day before.
ADAG Group CEO Gautam Doshi said Thursday a?series of completely false and baseless rumours against their Group have been circulated the day before by their corporate rivals and an illegal bear cartel.
He said in the past few weeks, this illegal bear cartel has destroyed market value of a staggering over Rs. 3,00,000 crore for the infrastructure sector, which is of the highest priority for the country.
“We have written to SEBI, the stock exchanges, and intelligence agencies to immediately investigate these concerted efforts to destabilise the capital markets, and create panic amongst investors,” he said.
“The market regulatory authorities are equipped with the most advanced electronic surveillance systems, and we are confident this deliberate pattern of price hammering and manipulation will quickly be exposed,” he said.?
“We are surprised at the distorted reporting in a section of the media, attributing certain observations to the ICAI,” he said.?
Doshi said?Reliance Infra has not received any queries from ICAI on its accounts for any year.
“ICAI has simply asked for copies of audited Balance Sheets, which are already in the public domain, and have been circulated to over 1.