Reliance Infrastructure shares hit the 5% lower circuit in early trade on Monday after the company disclosed that the Central Bureau of Investigation (CBI) conducted a search and seizure operation at its registered office in connection with transactions involving Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd.
The stock fell 5% to hit its lower circuit limit of Rs 63.37 per share. At 9:21 am, the stock remained locked at the lower circuit. By comparison, the BSE Sensex was down 0.71% at 77,593.
In an exchange filing, Reliance Infrastructure said the CBI's search and seizure operation at its registered office has concluded. The company said it and its officials have fully cooperated with the investigating agency and will continue to extend their cooperation.
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The company clarified that the action is in connection with transactions involving Reliance Commercial Finance Ltd. and Reliance Home Finance Ltd.
Reliance Infrastructure also said there is no impact on its business operations, adding that the company continues to conduct its business in the normal course.
Reliance Infrastructure is engaged in infrastructure development, including engineering, procurement and construction (EPC), power distribution, and defence manufacturing. The company is part of the Reliance Group led by Anil Ambani.
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