Bengaluru, July 3 -- State Bank of India (SBI), India's largest public-sector lender, has officially labelled Reliance Communications Ltd's (RCom) loan account as "fraud." Following this, two Reliance Group companies - Reliance Infrastructure and Reliance Power - have responded with public statements, aiming to clarify their stance and reassure stakeholders.

Meanwhile, trading in Reliance Communication shares was suspended on the stock exchanges, with the last traded price closing at Rs. 1.61 on 30th June on BSE. In a regulatory filing dated 1st July, Reliance Communications Limited informed that it had received a letter on 23rd June. The letter, addressed to the company and its former director, Anil Dhirajlal Ambani, stated that SBI had...