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Strategies & Market Trends : India Stocks

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From: Julius Wong	2/10/2011 7:19:54 AM
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Billionaire Ambani’s Wealth Eroded on ‘Panic’ Selling By Mehul Srivastava and Siddharth Philip - Feb 10, 2011 Billionaire Anil Ambani blamed “vicious and illegal” trading for a one-day stock rout that wiped out $2.6 billion in the market value of his six publicly traded companies. The plunge, led by a 19 percent drop in Reliance Infrastructure Ltd., dragged India’s benchmark Sensitive Index to a seven-month low yesterday. The group said “unscrupulous corporate rivals” spread rumors that led to “panicked” sales, according to an e-mailed statement. Read more bloomberg.com

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