Reliance Home Finance, Reliance Infra to Reliance Power: ADAG stocks fell up to 13% after SEBI’s ban on Anil Ambani

Anil Ambani and 24 others, including former Reliance Home Finance senior executives, have been participating in the securities market for five years. (Photo: Bloomberg)

Reliance Dhirubhai Ambani Group (ADAG) stocks witnessed heavy beating after the Indian capital market regulator, the Securities and Exchange Board of India (SEBI), imposed a five-year ban on Anil Ambani and 24 others, including some Reliance Home Finance officials. Reliance Home Finance shares that had touched the 5 per cent upper circuit during early morning deals hit a 5% lower circuit immediately after the SEBI's order. Reliance Infrastructure share price witnessed heavy beating as the stock fell around 12 per cent after the fresh order by SEBI. Reliance Power share price was down by around 5 per cent against its previous close of ₹36.30 apiece on the NSE.
ADAG stock performance after SEBI's order

Reliance Home Finance shares today opened upside at ₹4.92 apiece on the NSE and touched the 5 per cent upper circuit. However, the stock witnessed sharp selling after the SEBI order, and it touched a 5 per cent lower circuit within a few minutes.

The Reliance Infrastructure share price witnessed a maximum beating during ADAG stock selling. The share price touched an intraday low of ₹201.99 apiece on the NSE. However, the stock recovered from its intraday low and came around ₹205.50 apiece, logging a 13 per cent downside against its previous close of ₹235.71 apiece.

Reliance Power's share price also came under selling pressure despite a healthy performance in the morning session. Today, it touched the upper circuit during the morning session, but the ADAG stock came under sharp selling pressure after the SEBI penalty on Anil Ambani and touched a 5 per cent lower circuit.

Trading in the other three Reliance ADAG stocks — Reliance Capital, Reliance Communications and Reliance Naval and Engineering — remained suspended during Friday's dealings.
SEBI's order on Reliance Home Finance

The Securities and Exchange Board of India (SEBI) has banned industrialist Anil Ambani and 24 others, including former senior executives of Reliance Home Finance, from participating in the securities market for five years. This action is a result of their involvement in the misdirection of company funds.

SEBI has identified a significant financial fraud involving Reliance Home Finance Ltd. (RHFL). Led by Anil Ambani and other key figures, the scheme involved siphoning off substantial funds from the company through dubious loan disbursements, resulting in severe losses for shareholders.

SEBI also imposed a ₹25 crore penalty on Anil Ambani and restricted him from any association in the Indian security market, including as a director or Key Managerial Personnel (KMP) in any listed company.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
News in Numbers

Numbers that help you understand news better

$443 M

The amount budget airline AirAsia has secured from private credit funds to refurbish planes grounded during the pandemic and to refinance lease liabilities.

€430 M

The gains Deutsche Bank expects to add to its third-quarter results after settling with over 80 plaintiffs in the Postbank AG litigation.

₹400 Cr

The amount packaged consumer goods company Dabur India plans to invest over the next five years in a manufacturing plant in Tamil Nadu, its first in South India.

6%

India's projected GDP growth in the June quarter, the lowest in six quarters, due to a dip in government capital expenditure and urban consumer confidence, according to Icra.

156

The number of fixed-dose combination (FDCs) medicines, including antibiotics, painkillers and multivitamins, banned by the government over health risks.

9 GW

The capacity of new coal-fired power projects permitted by China in the first half of 2024, down 83% from the same period last year, according to a study.

$2.6 B

The additional amount Canada's TD Bank Group has set aside for US anti-money laundering penalties, taking its total provisions to over $3 billion.

First Published:23 Aug 2024, 01:16 PM IST

Business NewsMarketsStock MarketsReliance Home Finance, Reliance Infra to Reliance Power: ADAG stocks fell up to 13% after SEBI’s ban on Anil Ambani

Search This Blog

Cecily Watkins

Reliance Home Finance, Reliance Infra to Reliance Power: ADAG stocks fell up to 13% after SEBI’s ban on Anil Ambani

Comments

Post a Comment

Popular posts from this blog

Will PM Modi’s Kyiv visit influence peace negotiations amid the Russia-Ukraine War?

Sebi bans Anil Ambani, 24 other entities from securities market for 5 years for ‘siphoning off funds’