February 20, 2019 / 5:59 AM / 9 months ago

BUZZ-India's Reliance group stocks drop after court order on RCom chairman

** Shares of Anil Dhirubhai Ambani’s Reliance group companies fall on Wednesday, after India’s Supreme Court found Ambani guilty on contempt in Ericsson case

** Top court says Ambani, chairman of Reliance Communications Ltd (RCom) willfully did not pay 5.5 bln rupees ($77.22 mln) to Swedish telecom equipment maker Ericsson, holding him guilty in a contempt of court case

** Ambani and two directors of RCom have been asked to pay 4.5 bln rupees to Ericsson within four weeks, else they would face a three-month jail term

** RCom shares drop as much as 9.2 pct to 5.45 rupees

** Reliance Infrastructure Ltd falls as much as 8.7 pct

** Reliance Naval and Engineering Ltd shares down as much as 3.4 pct while those of Reliance Power Ltd fall as much as 5 pct ($1 = 71.2240 Indian rupees)

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