Anil Ambani’s Reliance Group slams Cobrapost allegations: ‘Calculated attempt to…’

Industrialist Anil Ambani’s Reliance Group slammed the Cobrapost allegations, terming them a ‘malicious campaign aimed at depressing stock prices’. This comes after the group received media inquiries regarding a press conference proposed by a now-defunct online platform. Reliance Group said in a statement on Wednesday that some corporate rivals, acting through nominated individuals and related organisations, had waged a ‘deliberate and sustained campaign of slander, disinformation and character assassination’ against it.

Cobrapost, a non-profit news website in India, has alleged that Reliance Anil Dhirubhai Ambani Group (Reliance ADA Group) committed a ‘massive financial fraud’ worth around Rs 28,874 million by diverting loans from public sector banks and investors to promoter-linked companies.

Reliance Group criticizes Cobrapost allegations

Describing Cobrapost as the self-appointed guardian of public interest, Reliance Group said the sole purpose behind these actions was to create confusion and shake the confidence of over 55 lakh shareholders of Reliance Infrastructure and Reliance Power.

Reliance Group said these corporate rivals orchestrated this alleged practice with malicious intent to tarnish the reputation of Reliance Infrastructure, Reliance Power, Anil Ambani as well as over 55 lakh shareholders. It was also stated that the main aim of the competitors is to ‘influence public perception and manipulate market sentiment to serve their own commercial interests’.