No rigging seen in Rel ADAG shares, FinMin tells PMO

Scrips of Reliance Anil Dhirubhai Ambani Group companies had seen heavy sell off on February 9, 2011. Following this, Ambani lodged a complaint with the Securities and Exchange Board of India and the finance ministry blaming the sharp drop in its stocks on what he called a series of "baseless and motivated rumors" spread by rivals.

With regards to this, the ministry today said that the market regulator had updated them with a report by the stock exchanges, which had not given any adverse findings with respect to the price fall. "We thus conclude that there was no manipulation seen in this case. We did not see concerted effort to manipulate scrip price," the ministry told the Prime Minister's Office.

Shares in group-listed companies Reliance Power, Reliance Communications, Reliance Capital, and Reliance Infrastructure ended between 8.9 and 18.8% lower after a sharp selloff in the last 90 minutes of trade on the said date.