Reliance Group has strongly refuted Cobrapost’s claims of a proposed malicious campaign aimed at tarnishing its reputation. The company insists there are entities with commercial interests in acquiring Reliance Group assets, and have accused Cobrapost of agenda-driven journalism. Reliance has filed a complaint with SEBI, seeking investigation into stock trading patterns and emphasized that no new facts have emerged.
Strong Rebuttal to Allegations
Reliance Group has firmly condemned Cobrapost’s proposed campaign, viewing it as an attempt to mislead stakeholders and tarnish their reputation. They allege that Cobrapost, dormant since 2019, is being used as a corporate hit-job, funded by entities seeking to acquire Reliance Group assets. The group also characterizes the campaign as an effort of defamation and disinformation against Anil D. Ambani and 55 lakh shareholders.
Allegations of Stock Manipulation
The company accuses Cobrapost of attempting to crash stock prices and create panic in the market to facilitate the acquisition of Reliance Group assets. They claim Aniruddha Bahal of Cobrapost engaged in improper and coercive tactics, pushing to extract concessions. Reliance Group describes the information being recirculated as already available to the public and examined by relevant agencies, dismissing it as an organized attempt to prejudice a fair trial.
Shareholder Protection Measures
Reliance Infrastructure and Reliance Power have filed a complaint with SEBI as part of their shareholder protection initiative. They seek an investigation into stock trading patterns, alleging that this campaign is a desperate attempt for extortion. Reliance Group claims rumor-mongering, speculative trading, and orchestrated misinformation have driven the market capitalization of Reliance Infrastructure and Reliance Power down by over Rs 15,000 crore in the last three months. They also strongly urge investors and media to rely on audited disclosures and regulatory filings rather than unverified claims.
Financial Stability and Operations
Reliance Group highlights that both Reliance Infrastructure and Reliance Power are debt-free, with zero outstanding loans from banks or financial institutions. The group claims its net worth and annual turnover each amount to over Rs 33,000 crore, supported by a shareholder base exceeding 5 million. Reliance Power has a total installed capacity of 5,305 MW, including the 4,000 MW Ultra Mega Power Project in Sasan, Madhya Pradesh.
Source: BSE
