Reliance Group Stocks Plummet Amidst Loan Fraud Raids
Shares of Reliance Power and Reliance Infrastructure plunged by 5% each, following raids by the Enforcement Directorate tied to a Rs 3,000 crore loan fraud. The case involves alleged money laundering linked to Reliance Group companies. The firms claim no business impact from these actions.
- Country:
- India
Shares in Reliance Power and Reliance Infrastructure fell sharply, each losing 5% of their value, as law enforcement focused on a significant financial fraud case. This development follows a series of raids conducted by the Enforcement Directorate concerning a Rs 3,000 crore loan fraud allegation.
The stock for Reliance Power was observed to hit its permissible trading floor at Rs 59.70, while Reliance Infrastructure sank to Rs 360.05. Both companies experienced notable market valuation losses amid these proceedings.
Investigations reportedly targeted over 35 locations and multiple companies linked to Anil Ambani. Despite the tumultuous market response, Reliance firms assured stakeholders of no impact on operations, emphasizing that the allegations involve entities separate from their management.
(With inputs from agencies.)
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