A spokesperson for Reliance Group did not immediately respond to an email seeking comment. Reliance Group - which spans financial services, infrastructure and telecommunications - was created in July 2006 following a demerger from Reliance Industries Ltd, which is led by Anil's brother Mukesh Ambani. Anil has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital and Reliance Infrastructure, undergoing bankruptcy or debt restructuring. Reliance Home Finance shares shed 5 per cent, while among other listed entities within the group, Reliance Infrastructure shares were down nearly 13 per cent and Reliance Power dropped 5 per cent as of 1:24 p.m. IST (0754 GMT). The regulator charged Anil Ambani on two grounds - diversion of substantial funds of the company to the detriment of the company and its stakeholders, and for acts of concealment from shareholders by manipulating its financial accounts.