Reliance Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani on Monday said Reliance Capital would no longer be engaged in the business of any lending activity.
In its AGM in Mumbai, which also sees the Resolution Professional for the first time address the AGM, Ambani said his NBFC has been hit by a collateral crisis on the back of several factors including careless selling and long-mongering rumours over the past few months.
After the announcement, shares of the company fell 4.11% and hit a low of Rs. 26.85.
The company has managed to repay Rs. 35,000 crore debt in a span of just 15 months and now it is on the path of re-setting Reliance Capital which he calls it to be a young company.
The company has completed stake sale in Reliance Nippon for Rs. 3,030 crore.