Anil Ambani’s Reliance Group shares fall up to 10 pc after ED arrests Senior Executive in fake bank guarantee case
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Stocks of Anil Ambani’s Reliance Group companies plummeted sharply during Monday’s trading session, with shares shedding up to 10.5% intraday. This downturn followed reports of Reliance Power CFO Ashok Kumar Pal’s arrest by the Enforcement Directorate (ED) on Saturday in a suspected bank fraud case involving fabricated guarantees.
Reliance Power shares closed at Rs 46.10 on the NSE, marking a 5.10% decline. Reliance Infrastructure initially fell 4.5% to Rs 231 before recovering to end at Rs 238 per share.
Pal remains in custody after his Friday arrest and interrogation. The ED’s money laundering probe stems from a CBI case alleging loan misuse and forged documentation submitted to public entities.
Authorities intensified investigations since July 24 raids targeting 35 Reliance-linked locations, scrutinizing over 25 individuals and 50 corporate entities. Of particular interest is Yes Bank’s alleged disbursement of Rs 3,000 crore loans between 2017-2019, now under regulatory examination.
Investigators assert Pal facilitated fund diversion and submitted fraudulent guarantees exceeding Rs 68 crore to the Solar Energy Corporation. Data from financial watchdogs including SEBI, NFRA, and Bank of Baroda contributed to the probe.
This development contrasts sharply with Reliance Power’s recent performance on October 10, when its shares surged nearly 15% to Rs 50.75 amid heavy trading volumes exceeding 7 crore shares – triple the monthly average.
(With inputs from IANS)
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