If you thought it could not get any worse for Anil Ambani , think again. A news report has just revealed a coming trial that could be the beleaguered businessman's most bitter harvest yet. Reliance Capital — among the embattled tycoon's very last safe assets — has begun showing clear distress signals, and is now taking desperate measures to conclude its planned $2-billion asset sale as quickly as it can.CARE Ratings has reported that RCap, which runs one of India's top mutual funds, was left with just about Rs 11 crore in cash reserves in March.In another stern test, creditor have asked the Anil Ambani Group's promoter entities for a share top-up — something that is currently way beyond the younger Ambani given the group's plummeting market cap.From a $100-billion market capitalisation in 2008 to a paltry $4 billion at the moment, the Anil Dhirubhai Ambani Group has been a certified wealth destroyer, a BS report quoted an analyst as saying.In a scenario where promoter's share in listed companies goes down, it becomes important for promoters to sell off assets, that too quickly, to claw their way back from the edge.For Anil Ambani , though, monetising assets has turned out way more difficult than anyone had imagined. His sell-off plans have largely come a cropper because of his companies' plunging market cap that has deeply eroded their value. General market weakness has also had a hand in it.And this is only the latest in a spate of bad news Ambani's group has lately been beset with. In recent times, the ratings of most of Anil Ambani's companies have been downgraded. The market value of his companies is in a constant fall that has shown no sign of halting.A few days ago, CARE Ratings downgraded the debt instruments of Reliance Home Finance and Reliance Commercial Finance, putting these two in the company of the likes of RCom and Reliance Naval that were already under default.The market value of listed Anil Ambani entities put together is currently over ten times less than their combined debt, number crunching by BS revealed. As of September 2018, the group owned seven listed companies that had a combined market capitalisation of Rs 22,238 crore. The debt of these seven entities combined during the same period stood at about Rs 1,36,000 crore.And there is this deep skew: more than half of the group's total market cap is accounted for by just one entity — the Reliance Nippon Life Asset Management Company, which is an equal JV between Reliance Capital and Nippon Life Insurance of Japan. When one excludes this company from the tally, the group's current m-cap comes down to a mere Rs 10,196 crore. Over the last 12 months, the combined m-cap of the group excluding Reliance Nippon has been down 76 per cent.Divestment plans continue to remain critical to overall credit profile of the group. Reliance Capital is looking to sell stake in mutual fund and general insurance company.It has announced the sale of its entire 42.9% stake in the AMC business which is under process and expected to be completed by June 2019 (was earlier planned for May 2019). The company has further committed to exit from its media businesses to pare down its debt levels.Delays in monetisation has been a serious problem for the group. It expects Rs 1,700 crore from the sale of its radio business but that has now been delayed. Plans to sell up to 49 per cent stake in Reliance General Insurance via an IPO and its entire 42.9 per cent stake in the AMC business have also been rescheduled.Other significant delays include those in stake sales of Mahindra First Choice and Prime Focus.The group has been able to achieve only about a third of the total exits planned by September 2018. The timelines for the rest of them are being extended.Successful exits by the group have been few and far between, with Yatra Online and Code masters among the few instances during the last financial year.The BS story cites company data to show that four entities — RCom, RPower, RInfra and Reliance Naval and Engineering — account for about 60 per cent of the group's total debt. The combined m-cap of these four is Rs 5,611 crore (as of September 2018), which is a mere 7 per cent of their combined outstanding debt.According to analysts, this leaves the Anil Ambani group powerless to take its entities out of liquidation initiated by creditors. Dramatic slip is market cap prevents the group to raise equity for loan repayment; also, poor profitability makes it unable to service its debts via internal accruals, the story says quoting an analyst.The combined operating profit of Anil Ambani group firms stood at Rs 7,361 crore in the first three quarters of the last financial year. For the same period, the combined interest amount payable by these entities was more than Rs 11,050 crore. What helped keep the group going was exceptional gains amounting to Rs 9,990 crore, which came by way of RInfra and RCap asset sales.The sizeable mismatch between operating profits and interest liability meant that there was no way the group could have serviced its loans from internal accruals.