Shares of Anil Ambani's Reliance companies saw a huge fall in morning trade on Monday, October 13, with Reliance Power shares falling by 10.5% to Rs 43.55 per share and Reliance Infrastructure shares falling by 4.5% to Rs 231 per share. The Enforcement Directorate on Saturday arrested Reliance Power senior executive Ashok Kumar Pal in a case of fake bank guarantee and fake billing, the negative impact of which is visible on the company's shares today.
Ashok Kumar Pal has been sent to two days' custody and will be produced in the court today. ED interrogated him for several hours. The ED is investigating a money laundering case, which is allegedly related to financial irregularities. This investigation started after a major action by ED on July 24, in which 35 places, 50 companies and more than 25 people of Anil Ambani Group were searched. The investigation is based on an FIR of CBI, in which the role of Yes Bank and its then promoter is also under investigation. ED suspects that between 2017 and 2019, loans worth about Rs 3,000 crore taken from Yes Bank were misused.
There is an allegation of bank fraud
This investigation is based on information received from many institutions like NHB, SEBI, NFRA and Bank of Baroda. Investigators say Ashok Pal played a key role in submitting fake bank guarantees worth more than Rs 68 crore to Solar Energy Corporation of India, so as to defraud the company and embezzle the money. A decision of the board had allowed Pal and others to prepare all documents related to SECI's battery energy storage system bid and use the financial strength of Reliance Power.
stocks fell
On Friday, October 10, Reliance Power shares had gained momentum and climbed 15% to Rs 50.75 on the NSE as buying interest increased and trading volumes were also high. About 7 crore shares were transacted that day, which was much more than the average of 2 crore shares in a week and a month. But by 10:10 am on Monday, Reliance Power shares were trading 5% down at Rs 46.20 and Reliance Infra shares were trading 2% down at Rs 238.
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