Anil Ambani’s Reliance Power shares hit 5% lower circuit after SECI notice

Reliance Power share price: Shares of Anil Ambani's Reliance Power opened at a 5% lower circuit at ₹41.47 on the BSE on Friday, November 8, following a notice from the Solar Energy Corporation of India Limited (SECI). The notice stated that Reliance Power and its subsidiary are barred from participating in SECI tenders for the next three years.

SECI has barred the Anil Ambani company, its subsidiaries and Reliance NU BESS Ltd from participating in tenders issued by the state-owned company for three years.

SECI said in a Thursday release that this ban comes in response to the submission of alleged fake documents by the Anil Ambani companies in a tender released by SECI in June. The tender sought bids for setting up 1000 MW/2000 MWh standalone BESS projects. Following this, the tender process was finally cancelled.

Reliance Power, in its response, said in an exchange filing that the company and its subsidiaries "acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy."

"A criminal complaint in this regard has already been lodged with the Economic Offence Wing of Delhi Police against the third party on October 16, 2024. The due process of law will follow. The company will take all appropriate legal steps to challenge the unwarranted action of SECI in the interest of its more than 40 lakh shareholders," the company said.

Shares of Reliance Power have been on a roll over the last year, surging 103 per cent. However, on a monthly scale, the stock has been down since last month.

In October, the stock fell 12.5 per cent while in November so far, it is down nearly 3 per cent on BSE.

Shares of Reliance Power hit a 52-week high of ₹54.25 on October 4 this year after it hit a 52-week low of ₹19.37 on March 14.

Source: Mint