Anil Ambani's share prices
Anil Ambani is getting into trouble one after the other. Their problems are increasing. ED filed a charge sheet against his flagship company Reliance Power and 10 others in the money laundering case, after which its shares have seen a sharp decline today. Shares of Reliance Power fell by 6.39% to Rs 35.28 on BSE. Today the fall in the share price of Reliance Power has happened with a lot of share buying and selling. About 4 crore shares of the company were transacted on the stock market, which is much more than its average of 2 crore shares in a week.
The ED on Saturday said it has filed a chargesheet against Anil Ambani group company Reliance Power Limited and 10 others in a money laundering case related to issuing fake bank guarantees worth Rs 68 crore to win a tender. Others included in this legal complaint include former CFO of Reliance Power Ashok Kumar Pal, Reliance NU BESS Limited and Rosa Power Supply Company Limited, Reliance Group official Punit Narendra Garg and trade finance advisor Amar Nath Dutta.
According to the agency, Biothane Chemicals Private Limited, Ravinder Pal Singh Chadha and Manoj Bhaiyasaheb Pongde have also been made accused. This is an additional charge sheet and the ED, in its first charge sheet some time ago, had named a fake Odisha company, Biswal Tradelink Private Limited, and its MD, Patha Sarathi Biswal. The case pertains to a bank guarantee of Rs 68.2 crore, which was deposited by Reliance Power's subsidiary Reliance NU BESS Limited for taking a contract from Solar Energy Corporation of India Limited (SECI). The company was earlier known as Maharashtra Energy Generation Limited.
Reliance Power said that its subsidiaries and its employees acted properly and were the victims of fraud perpetrated by a third party. Reliance Power said in a regulatory report on December 6 that it is reiterated that the company, Reliance Power Limited, its subsidiaries and its employees were acting in good faith and they are the victims of fraud, embezzlement, cheating and conspiracy perpetrated by a third party.
Reliance Power share price has fallen 10% in one month and 23% in three months. The stock has fallen 43% in the last six months and 21% since the beginning of the year (YTD). Reliance Power shares have risen 48% in two years and 125% in three years. The stock has given multiple profits of 846% in the last five years. At 2:00 pm, Reliance Power's share price was trading 5.94% lower at Rs 35.45 per share on BSE.
