In the conference call, Ambani didn't directly address recent allegations of fund diversion against his non-banking financing arm. A June 7 report by Risk Event-Driven and Distressed Intelligence said it found "some unusual lending arrangements within the Reliance Capital Group" that employed "box companies" to allow Ambani's group firms to receive funds from the financier, without triggering regulatory disclosures. The "alarming" rise in such loans could snowball into another liquidity crisis in the struggling shadow banking sector, the report said. "Unwarranted rumor mongering, speculation and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders," Ambani said. An email over the weekend seeking comments from Reliance Capital spokesman on the REDD report wasn't answered. Shares of Reliance Capital have tumbled 61% this year, compared with an 11% gain in the benchmark S&P BSE Sensex index.