February 8, 2019 / 9:13 AM / a year ago

India's Reliance Group says L&T Finance, Edelweiss Group caused share drop

Feb 8 (Reuters) - Three listed entities of Indian conglomerate Reliance Group - owned by Anil Ambani - on Friday said L&T Finance Holdings Ltd and certain entities of Edelweiss Group were responsible for their shares plunging near 55 percent over the last few days.

A few non-banking financial companies (NBFCs) invoked pledged shares of Reliance Capital Ltd, Reliance Infrastructure Ltd and Reliance Power Ltd, and made open market sale of about 4 billion rupees ($56.23 million) during Feb. 4-7, the companies said in filings here

Edelweiss Group and L&T Finance did not immediately respond to Reuters’ request seeking comment. ($1 = 71.1410 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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