Anil Ambani group stocks Reliance Power, Reliance Infra hit 5% lower circuits. Here's why

Reliance Power and Reliance Infrastructure share price tumbled 5 per cent on Monday, hitting their lower circuits, despite the companies assuring investors that the Central Bureau of Investigation’s (CBI) probe into an alleged ₹2,929 crore bank fraud linked to Reliance Communications would not affect their operations.

On Monday, Reliance Power share price was trading at ₹46.46 apiece, meanwhile, Reliance Infra share price was down to ₹275.65.

The CBI carried out search operations on Saturday at industrialist Anil Ambani’s Mumbai residence and the offices of the now-bankrupt Reliance Communications, following a complaint lodged by the State Bank of India. Through his spokesperson, Ambani firmly denied all allegations and stated that he would contest any charges.

He further emphasized that the transactions under scrutiny date back more than a decade, during which he served only as a non-executive director, with no involvement in day-to-day management. The spokesperson also noted that similar proceedings against five other non-executive directors in the same case have already been withdrawn.

In separate statements on Sunday, Reliance Power and Reliance Infrastructure clarified that the Bank of India’s classification of Reliance Communications’ loans as fraud does not affect their governance, financials, or business operations. Both companies stressed that Ambani has not been on their boards for over three and a half years and that they operate as independent listed entities with no financial or operational ties to Reliance Communications.

The companies also highlighted that Reliance Communications has been under the oversight of a committee of creditors headed by SBI and a resolution professional for the past six years, with the case still awaiting resolution before the National Company Law Tribunal and the Supreme Court.

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