During this time, Reliance Capital was rocked by both internal troubles, including the exit of the auditor and legal issues, and external problems such as the collapse of Infrastructure Leasing and Financial Services (IL&FS), which triggered a credit squeeze that roiled many non-bank lenders. Since then, most large investors dumped their shares of Reliance Capital, sending the stock plunging to ₹ 20 at the end of September 2019. But retail shareholders continued to buy the stock, overlooking the troubles, hoping a turnaround would give them outsized returns. At the end of September 2021, even as Ambani's stake dropped to 1.5%, retail shareholders owned 85% of the company.