Anil Ambani's Reliance Power Locked In Lower Circuit — Here's Why
Reliance Power Ltd. hit a lower circuit of 5% and fell to Rs 46.46 apiece in Monday morning trade.
Reliance Power Ltd. share price hit a lower circuit in Monday's session despite clarifying no impact of the investigation into its sister company and managing director Anil Ambani.
Reliance Power is a separate and independent entity with no business and financial linkage to Reliance Communication, the company said in the exchange filing Sunday.
Anil Ambani is also not in the board of Reliance Power for more than three and half years, according to the exchange filing.
The clarification after the Bank of India has classified loan account of Reliance Communication as fraud. The classification dates back to 10 years before, the exchange filing said.
Anil Ambani and Reliance Communications have been facing criminal investigation. On Saturday, the Central Bureau of Investigation has conducted searches at its Mumbai residence.
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Reliance Power Ltd. hit a lower circuit of 5% and fell to Rs 46.46 apiece. It remained locked in the lower circuit as of 10:54 a.m., as compared to 0.33% advance in the NSE Nifty 50 index.
The stock advanced 41.86% in 12 months, and 9.06% on year-to-date basis. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 40.91.
However, in August, Reliance Power share price slumped over 11%. The stock has now extended losses to second session.
