New Delhi: The Supreme Court on Wednesday held that Anil Ambani and Reliance Communications (RCom) were guilty of contempt of court in a petition filed by Ericsson.The Swedish telecom equipment maker and RCom have been at loggerheads over the last year, over a payment of dues worth Rs 550 crore.In August 2018, the Supreme Court had ordered that the dues be paid on or before September 30, which was then extended to December 15, 2018.After the final deadline passed, Ericsson once again sought initiation of contempt proceedings against Reliance and Anil Ambani.Also read: Supreme Court Employees Sacked for Tampering With Order Summoning Anil AmbaniIn a judgement passed by a bench of justices Rohinton Nariman and Vineet Saran, the apex court held that three Reliance companies had “no intention” to pay the money it owed Ericsson and consequently their conduct amounted to contempt.While Ambani will not go to jail, RCom has been directed to pay the Swedish firm Rs 453 crore within four weeks. If the money is not furnished by that time, Ambani, the court stated, will then have to undergo three-months imprisonment.“Additionally, a fine of Rs 1 crore was imposed on each of the companies, who have to deposit the same with the Supreme Court Registry,” a Bar & Bench report noted.In a short statement put out minutes after the verdict was announced, Reliance Communications noted that it will “respect the judgement of the Hon’ble Supreme Court” and “comply with the same”.Business Standard reports:Shares of Anil Dhirubhai Ambani Group (ADAG) companies tumbled by up to 11 per cent on the BSE in intra-day trade on Wednesday after an unfavorable Supreme Court (SC) verdict in Ericsson contempt case.“This surely is a setback for the promoter, who will now have to pay up. Over the short-to-medium term, the stocks can remain under pressure. Over the past year, the markets have severely punished Reliance Nippon Life Insurance, Reliance Infrastructure and Reliance Capital. Among the ADAG group stocks, these three should stage a recovery going ahead. The fall on Wednesday post the SC verdict makes valuations of these three even more attractive,” says G Chokkalingam, managing director and founder at Equinomics Research.Following the verdict, Reliance Capital slipped 11 per cent to Rs 136, followed by Reliance Infrastructure (9 per cent at Rs 112), Reliance Communications (9 per cent at Rs 5.45), Reliance Naval and Engineering (8.5 per cent at Rs 8.22), Reliance Power (6 per cent at Rs 10.25), Reliance Home Finance (4 per cent at Rs 24.75) and Reliance Nippon Life Asset Management (1 per cent at Rs 150) on the BSE in intra-day trade. In comparison, the S&P BSE Sensex was up 0.72 per cent at 35,604 points at 10:52 am.A K Prabhakar, head of research at IDBI Capital, however, suggests investors should book profit in stocks of all ADAG companies in case of a bounce.“Court cases take time to get resolved and the stocks are likely to remain under pressure given the development. Investors should steer clear and book profit / loss in case of any recovery in stock prices,” he advises.