New Delhi, July 3 -- Anil Dhirubhai Ambani group (ADAG) stocks - Reliance Infrastructure and Reliance Power - issued a clarification of a similar nature to the exchanges that the action by the State Bank of India (SBI) on the Reliance Communications loan account is unlikely to have any impact on them.

Their statements came after India's biggest bank, SBI, classified the loan account of insolvent Reliance Communications as fraudulent, citing alleged diversion of funds in a case dating back to 2016.

Against this backdrop, both companies claimed that SBI's action will have "absolutely no impact on business operations, financial performance, shareholders, employees, or any other stakeholders".

More to come...

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