Reliance Infra, Power hit lower circuit; drop 10 pc after ED raids on Anil Ambani firms
ED conducted the raid on over 35 premises linked to Anil Ambani's Reliance Group (RAAGA Companies) during a probe into the Rs 3,000 crore Yes Bank loan fraud.
Both Reliance Power and Reliance Infrastructure have issued statements distancing themselves from the investigation, saying the ED's actions mainly relate to Reliance Communications and Reliance Home Finance -- companies no longer associated with them.
Reliance Power fell 5 per cent to Rs 56.72, while Reliance Infrastructure slid 5 per cent to Rs 341.85, upon which it was locked in the lower circuit.
On July 23, 2024 the Reliance Infrastructure shares were trading at Rs 384 in the mid day session, since then the shares have fell sharply, now touching Rs 341.85. In the trading sessions following the raids, Reliance infrastructure shares were locked in a 5 per cent lower circuit two times.
They were locked at Rs 360.05 on July 24, and today at Rs 341.85 were sealed once again. Reliance Power shares also dropped significantly, falling 7.41 per cent over the same period.
Preliminary investigation by ED has revealed a well-planned and thought-out scheme to divert or siphon off public money by cheating banks, shareholders, investors and other public institutions. The offence of bribing bank officials, including Promoter of Yes Bank Limited, is also under the scanner. Allegedly, the promoters colluded for an unalwful loan diversion of around Rs 3,000 crore from Yes Bank (from 2017 to 2019).
The regulator has found gross violations in Yes Bank loan approvals to RAAGA companies, such as Credit Approval Memorandums (CAMs) being backdated and investments being proposed without any due diligence/ credit analysis in violation of the bank's credit policy.
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