Ambani dispute hurts markets, says Pranab
The ongoing spat between the Ambani brothers over the pricing of natural gas will negatively impact domestic capital markets and the larger interests of industry and government, finance minister Pranab Mukherjee said on Wednesday.
Speaking at an Idea Exchange programme organised by The Express Group, Mukherjee said the controversy between Mukesh Ambani’s Reliance Industries Ltd (RIL) and the Anil Dhirubhai Ambani Group (ADAG) has also been unfortunate for the larger interests of the economy.
“It will have its adverse impact on the capital markets because they (the two groups) are too big. They are much bigger than they were in the seventies,” he said. As of August 26, the two groups combined accounted for more than 10% of the market capitalisation of the two major stock exchange BSE and NSE.
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Speaking at an Idea Exchange programme organised by The Express Group, Mukherjee said the controversy between Mukesh Ambani’s Reliance Industries Ltd (RIL) and the Anil Dhirubhai Ambani Group (ADAG) has also been unfortunate for the larger interests of the economy.
“It will have its adverse impact on the capital markets because they (the two groups) are too big. They are much bigger than they were in the seventies,” he said. As of August 26, the two groups combined accounted for more than 10% of the market capitalisation of the two major stock exchange BSE and NSE.
To read the full article, click here...
To read the ePaper, visit: http://epaper.financialexpress.com
Labels: ambani brothers, court stating, exchange bse and nse, interests, natural gas, open court, ril agreement, stock exchanges
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