Reliance Infrastructure shares remained out of regular trading for the second consecutive day, intensifying anxiety among 7 lakh investors as regulatory curbs continued following the company’s admission into the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC). The Anil Ambani-led ADAG firm has been placed under stringent Additional Surveillance Measures (ASM) by stock exchanges, significantly restricting market participation and effectively keeping the stock away from active trading. Under the ASM framework, Reliance Infrastructure shares are permitted to trade only once a week—on Mondays—with only selling allowed and fresh buying prohibited. This has limited investors’ ability to exit positions and added to uncertainty, particularly among retail shareholders, after the stock witnessed sharp volatility and repeated upper-circuit moves in recent sessions. Market participants said the curbs are regulatory and preventive in nature, aimed at cooling excessive speculation and ensuring orderly trading.
Several investors reported confusion after their Reliance Infrastructure holdings were not visible on trading terminals on non-trading days. Brokerages clarified that while the shares may not appear on front-end platforms, they remain safely held in demat accounts and can be accessed through back-office or console systems. Despite these clarifications, concerns spilled over onto social media, with shareholders questioning the safety of their investments and the timeline for a return to normal trading. The trading restrictions come amid ongoing legal and regulatory developments surrounding the company. On May 30, 2025, the Mumbai bench of the National Company Law Tribunal admitted an insolvency plea filed by IDBI Trusteeship over ₹88.68 crore, along with interest, in unpaid tariff dues linked to Dhursar Solar Power Pvt Ltd. Reliance Infrastructure moved swiftly to counter the claim by paying ₹92.68 crore to DSPPL and approached the National Company Law Appellate Tribunal, arguing that the liability stood extinguished.
On June 4, the appellate tribunal stayed the NCLT order and the initiation of the corporate insolvency process, extending interim relief through subsequent hearings. However, investor sentiment has remained fragile as the company has also had to navigate Enforcement Directorate actions and asset attachment headlines, which it has clarified are unrelated to its listed operations, alongside the current trading curbs that appear unconnected to any fresh judicial development. The sustained pressure has weighed heavily on the stock. Reliance Infrastructure shares have declined 62% over the past six months and are down 54% since the beginning of 2025, with the company’s market capitalisation standing at ₹6,005.65 crore. As of September 30, 2025, Reliance Infrastructure’s consolidated assets stood at ₹69,708.76 crore, with over 6.93 lakh retail investors collectively holding 9.44 crore Reliance Infrastructure shares, with their investment valued at approximately ₹1,640 crore.