New Delhi: Shares of Reliance Power and Reliance Infrastructure hit their lower circuit limits on Monday morning trade as investors' sentiment were hit amid the recent action by the CBI on Reliance Communications.
However, Reliance Power and Reliance Infrastructure said that the investigating agency's action has had no impact on their business operations, financial performance, shareholders, employees, or any other stakeholders. The stock of Reliance Power tanked 4.99 per cent to hit the lowest trading permissible limit for the day at Rs 46.49 on the BSE. Shares of Reliance Infrastructure tumbled 4.99 per cent to Rs 275.05 -- the lower circuit limit.
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Reliance Communications' stock also dropped 4.86 per cent to hit the lower circuit level of Rs 1.76. The CBI searched the Mumbai residence of Reliance Communications Ltd (RCOM) Director Anil Ambani on Saturday after recently registering a case over the alleged defrauding of State Bank of India of Rs 2,929.05 crore, officials said.
Teams of CBI conducted the searches at two locations in Mumbai on Saturday -- the official premises of Reliance Communications Ltd and residential premises of Anil D Ambani, the agency said in a statement. "Anil D Ambani denies all allegations and charges, and will duly defend himself," a spokesperson on behalf of the businessman said in a statement while reacting to the developments.
Recent action by CBI on Reliance Communications has had no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders, Reliance Power and Reliance Infrastructure said on Sunday. In two separate exchange filings, the Reliance Group companies said they are separate and independent listed entities with no business or financial linkage to Reliance Communications.
Further, Anil D Ambani is not on the Board of Reliance Power Ltd for more than 3.5 years. Accordingly, any action in relation to Reliance Communications has no bearing or impact on their governance, management, or operations, the companies said.
The companies said they "wish to clarify on the media reports that the recent action by Central Bureau of Investigation on Reliance Communications Ltd and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders."
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