Anil Ambani's R-Power Share Price Tanks 6% After ED Chargesheet Reveals Key Details

The power generation major Reliance Power's share price tanked over 6% on Monday, December 8, to Rs 35.28 apiece on the Bombay Stock Exchange (BSE) after the central economic intelligence agency filed a supplementary prosecution complaint against the Reliance group firm and its subsidiaries.

The decline in R-Power share price saw 4 crore equity shares of the Mumbai-headquartered company exchange hands, considerably higher than its weekly trading volume average of 2 crore shares.

The concerning details in the fake bank guarantee case linked to Anil Ambani's Reliance Power and its subsidiaries now includes ex-Reliance Power CFO Ashok Kumar Pal, Reliance NU BESS Ltd and Rosa Power Supply Company Ltd (subsidiaries of Reliance Power), Reliance Infra Ltd's CEO Punit Narendra Garg and trade financing consultant Amar Nath Dutta.

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R-Power's 'Victim of Fraud' Stance After ED Files Chargesheet

Meanwhile, Reliance Power which has a total market capitalisation of Rs 14,835.01 crore, claims that's its subsidiaries and personnel are "victims of fraud, forgery, cheating and conspiracy committed by the third parties, as per an regulatory filing on December 6.

Notably, the power major informed, “Reliance NU BESS Limited had lodged a criminal complaint in above matter against the third parties who had arranged the said bank guarantee with Economic Offence Wing of Delhi Police on October 16, 2024, on basis of which First Information Report (FIR) has been registered on November 11, 2024 against the said third parties.”

Further, it said, "ED allegations have not yet passed through judicial scrutiny and the company has not been held guilty of any wrongdoing. “The company will get an opportunity to put across its case and facts before the court, even before cognizance, so filing of this complaint does not affect the affairs of the company in any manner,”

As of 3:06 PM on Monday, the share price of R-Power was 5.86 lower at Rs 35.48 per share.

On the other hand, the company also plans to “take appropriate steps as legally advised to safeguard its interests and the interests of all stakeholders and it maintains its as well as its officials' innocence of any wrongdoing.”