Anil Ambani’s first cooperation with his older brother Mukesh after eight years meant more than family peace. It has also added $3.5 billion to the market value of the younger brother’s listed companies in five weeks.
Reliance Infrastructure Ltd. , controlled by billionaire Anil Ambani , approached banks for a 70 billion-rupee ($1.5 billion) loan to fund a new rail project in Mumbai, according to a person familiar with the matter.
India’s Bombay Stock Exchange Sensitive Index, or Sensex, fell 182.93, or 1 percent, to 17,592.77, at the 3:30 p.m. close in Mumbai, the lowest level since July. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
Billionaire Anil Ambani ’s group asked India’s stock exchange and regulator to investigate “illegal trading” after shares in its telecoms, power and infrastructure companies plunged the most in more than a year.
Reliance Infrastructure Ltd. and Reliance Natural Resources Ltd. will comply with the market regulator’s process after the Securities & Exchange Board of India issued an order asking its directors to reply to its questions, according to a statement.