Reliance Infra, Reliance Power Hit Lower Circuits As ED Probes Fraud In Anil Ambani Group Entities
Enforcement Directorate will summon Anil Ambani again on seven-to-10 days for further question on alleged fraud case.
Reliance Infrastructure Ltd., Reliance Power Ltd., and Reliance Home Finance Ltd share prices continued to trade in losses as the Enforcement Directorate probed alleged fraud in Anil Ambani Group entities.
In the latest development, the ED said that they will again call Anil Ambani in the next seven to ten business days. The federal probe agency questioned Anil Ambani for eight hours on Tuesday.
The ED has seen the 17,000-crore default as one of the biggest corporate loan frauds. The case is highlighting the persistent challenge of bank loan recoveries and corporate governance.
Reliance Home Finance Ltd. share price was the worst hit among stocks of the Anil Ambani group. The share price hit a 5% lower circuit and fell to Rs 4.36 apiece so far today. As of 10:37 a.m., the stock remained stuck at the lower circuit.
Reliance Power Ltd. was the second big loser. It has also hit a 5% lower circuit and fallen to Rs 42.94 apiece. The stock came out of the lower circuit to trade 4.87% lower at Rs 42.98 apiece as of 10:40 a.m., as compared to a 0.31% decline in the NSE Nifty 50 index.
Reliance Infrastructure Ltd has also hit a lower circuit but recovered the most among other group stocks. The stock was trading 2.90% down at Rs 273.2 apiece as of 10:41 a.m.
The market cap of Anil Ambani Group companies declined Rs 1,231 crore to Rs 28,829 crore as of 10:42 a.m.
