Anil Ambani’s Reliance Group shares fall 10%

Mumbai: Shares of Anil Ambani-led Reliance Group companies saw a sharp decline on Monday, with stocks falling up to 10.5 per cent during intra-day trade. According to reports, the Enforcement Directorate (ED) arrested Ashok Kumar Pal, a senior executive of Reliance Power, on Saturday in connection with an alleged fake bank guarantee and forged invoicing case.

At the closing bell, shares of Reliance Power was at Rs 46.10, down Rs 2.48 or 5.10 per cent on the National Stock Exchange (NSE). Reliance Infrastructure also followed suit and dropped 4.5 per cent to Rs 231 per share. However, it recovered at the closing bell and end the trading session at Rs 238 apiece.

Pal has been sent to two-day custody and will be presented before the court today. He was interrogated for several hours before his arrest on Friday night. The ED is investigating the matter under the Prevention of Money Laundering Act (PMLA), probing alleged financial irregularities and possible violations.

This development follows a major ED crackdown on July 24, during which searches were conducted at 35 premises linked to Reliance, involving 50 companies and over 25 individuals.