Reliance Capital exits lending business, shares hit 20-year low

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Reliance Capital exits lending business, shares hit 20-year low

Sep 30, 2019 19:05 IST

ADA Group Chairman Anil Ambani on Monday announced that Reliance Capital will exit the lending business as the firm faced 'collateral damages' and lending crisis due to the economic slowdown. During the meeting, Ambani said the Reliance Group in order to reduce debt is planning to pay creditors ₹15,000 crores more by March. In June, auditors had sounded the alarm around the fourth-quarter results and its credit rating was also downgraded to default in September. Shares of the firm hit a two-decade low after the announcement.