Judges found Anil Ambani, 59, had refused to pay telecom giant Ericsson 5.5 billion rupees ($77 million) as previously ordered by the Supreme Court. They ruled the billionaire will be jailed for three months if 4.5 billion rupees are not stumped up within four weeks.
Ambani's firm said it will comply with the ruling and pay the debt. Some 1.0 billion rupees have already been deposited with the court, which said the sum will be handed to Ericsson. But the ruling dealt a new blow to Reliance Communications shares which lost another 3.65 percent Wednesday on the Mumbai stock exchange.