Hit by a massive sell-off in stocks of various group companies, Reliance Anil Dhirubhai Ambani Group today said it is a victim of a bear cartel that has caused a market value loss of over Rs 3 lakh crore across the infrastructure sector in the past two weeks.

A day after the group's stocks fell by up to 19 per cent, ADAG group managing director Gautam Doshi said that the group has written to market regulator Sebi, the stock exchanges and intelligence agencies to look into the matter.

"There have been concerted efforts to destabilise the markets and the investor sentiments," Doshi said, adding that rumour-mongering by unscrupulous elements have contributed to the sharp fall in the group stocks.

"In the past two weeks, this illegal bear cartel has destroyed market value of over Rs 3 lakh crore in the infrastructure sector," he added.