July 25, (Siliguri Chronicle) – Shares of Reliance Power and Reliance Infra fell 5 per cent each on Thursday, hitting their lower circuit limits after the Enforcement Directorate carried out raids in connection with an alleged ₹3,000 crore loan fraud linked to a money laundering case involving companies associated with Anil Ambani.
Reliance Power shares dropped 5 per cent to ₹59.70 on the BSE, the lowest trading limit allowed for the day.
Shares of Reliance Infrastructure also fell 4.99 per cent, hitting the lower circuit limit at ₹360.05.
Reliance Power’s market valuation declined by ₹1,298.63 crore to ₹24,690.55 crore, while Reliance Infra’s market cap dropped by ₹1,222.37 crore to ₹14,262.70 crore.
The Enforcement Directorate on Thursday carried out multiple raids in connection with an alleged ₹3,000-crore bank loan fraud and money laundering case involving companies linked to Anil Ambani, official sources said.
Over 35 locations in Mumbai, linked to around 50 companies and 25 individuals, are being searched under the Prevention of Money Laundering Act (PMLA), they added.
The investigation is being led by a Delhi-based unit of the ED.
Sources said the probe focuses on alleged illegal diversion of loans worth ₹3,000 crore, disbursed by Yes Bank to Anil Ambani’s group companies between 2017 and 2019.
Reliance Power and Reliance Infrastructure, in separate but identical regulatory filings, said the ED’s actions have “absolutely no impact” on their business operations, financial performance, shareholders, employees, or any other stakeholders.
The companies also clarified that Anil Ambani is not on the board of either Reliance Power or Reliance Infrastructure, and that they have no “business or financial linkage” with Reliance Communications (R-Com) or Reliance Home Finance Ltd (RHFL).
They added that any action taken against R-Com or RHFL has no bearing on the governance, management, or operations of Reliance Power or Reliance Infrastructure.
