mumbai massive erosion of wealth due to poor performance leading to frequent rating downgrades has forced irate shareholders of the anil ambani group companies to complain against the management and threaten to file class action suitspeaking at the amg of reliance power here on monday a shareholder even threatened to make history by filing the countrys first class action suit against the group companies if the issues he raised are not addressed in the next two three monthsthe shareholder who claimed to be a corporate lawyer from the city also said he has lost over 90 percent of the value of over rs 3 crore investment in three of the seven reliance group companieshe was particularly peeved at group chairman anil ambani pledging over 80 percent of his holdings in the company blaming him for bad signallingthe shareholder said he will marshal 10 percent shareholders to launch the countrys maiden class action suit in which a group of complainants sues a defendant or a number of defendants on behalf of a groupor classof absent partiesthe companies act 2013 has a section that enables interested parties to file class action suits but so far no case has been filed under this provision in the west it is a common practiceif i do not get satisfactory replies to my questions in the next twothree months i will file a class action suit against rpower the shareholder warned ambanihe claimed to have invested over rs 3 crore in the three group companies since 2005 and today the value of his shares is only a fraction of thatit is my hard earned money which i have put in the company and your decision of pledging over 80 percent of promoter holdings since 2014 till date has destroyed me the shareholder saidit can be noted that as of monday the seven publicly traded anil ambani group companies had a combined market value of a paltry rs 1852562 crore of which close to rs 16000 crore are of reliance nippon amc alonethe onceflagship reliance communications is the worst of all and at nclt and closed down 128 percent to a paltry rs 077 apiece with a mcap of rs 21294 crore its 52week high was rs 1860another onetime flagship reliance power which had a dreamrun with its mega ipo that was oversubscribed 72 times in february 2008 raising a whopping rs 11563 crore today is the drag on the name of the group its mcap stood a low rs 61712 crore on a share value of rs 220 after plunging 871 percent on the bse against a 52week high of rs 3265similarly rinfra today tanked 123 percent to rs 2930 on the bse against a 52week high of rs 38060 yanking down its mcap to a low rs 77059 crorereliance naval engineering with a share price of rs 134 that too after a 469 percent rally closed with a mcap of rs 9884 crore on monday on the bsesimilarly reliance capital tanked 1232 percent to