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Shares of Reliance Power and Reliance Infrastructure hit lower circuit limits as investors reacted to recent CBI action against Reliance Communications over alleged bank fraud of INR 2,929.05 crore. Reliance Communications' shares also fell sharply. The investigating agency conducted searches at the company's official premises and Anil Ambani's residence. Both Reliance Power and Reliance Infrastructure clarified that they operate independently, have no financial or business connections with Reliance Communications, and Anil Ambani has not been part of their boards for years. The companies confirmed their operations and stakeholders remain unaffected.
Shares of Reliance Power and Reliance Infrastructure fell sharply in early trading, hitting their lower circuit limits, following recent action by the Central Bureau of Investigation (CBI) against Reliance Communications. Investors reacted cautiously amid concerns over the probe, although both companies confirmed that their operations remain unaffected. Advertisement
Reliance Power's stock dropped 4.99 per cent to INR 46.49 on the BSE, while Reliance Infrastructure also fell 4.99 per cent, reaching INR 275.05. Reliance Communications' share price similarly declined 4.86 per cent to INR 1.76, touching its lower circuit.
The CBI conducted searches at two locations in Mumbai, including the official premises of Reliance Communications Ltd and the residence of its Director Anil D. Ambani, after registering a case over the alleged defrauding of State Bank of India of INR 2,929.05 crore. A spokesperson for Anil Ambani stated that he denies all allegations and will defend himself against the charges.
Reliance Power and Reliance Infrastructure emphasized in separate exchange filings that they are independent listed companies with no financial or business ties to Reliance Communications. The filings also highlighted that Anil Ambani has not been on the board of Reliance Power for over three and a half years, and therefore any developments related to Reliance Communications do not affect their governance, management, operations, or stakeholders.
The companies reiterated that the CBI action against Reliance Communications and Anil Ambani does not influence their business performance, shareholders, or employees in any way.
Source PTI
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