Reliance Infra Jumps To Five-Year High As Affiliate Settles Borrowing Case
On the NSE, the stock rose to the highest level since Feb. 1, 2019.
Shares of Reliance Infrastructure Ltd. jumped over 9% on Monday to the highest in over five years after its liability as corporate guarantor extinguished as its associate company, Reliance Power Ltd., settled a borrowing case.
Reliance Power signed a settlement agreement with ICICI Bank Ltd. last Thursday, following which all the potential obligations in regard to the borrowing was settled, according to an exchange filing on March 15.
Reliance Infrastructure acted as a corporate guarantor for the financial facility Reliance Power availed from ICICI Bank, it said.
On the NSE, the stock rose as much as 9.18% during the day to Rs 259.30 apiece, the highest since Feb. 1, 2019. It was trading 7.66% higher at Rs 255.70 per share, compared to a 0.11% decline in the benchmark Nifty 50 at 11:04 a.m.
The share price has risen 71.97% in the last 12 months. The total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 61.58.