Shares of Reliance Power Ltd and Reliance Infrastructure Ltd fell by 1% and 2% each in Monday’s trade after Bombay High Court on Friday dismissed a petition filed by industrialist Anil Ambani challenging the State Bank of India's (SBI) decision classifying his and Reliance Communications' accounts as fraud. Reliance Infrastructure saw a decline of ₹5.58 (2.24%) today, trading at ₹244.00. Reliance Power experienced a decrease of ₹0.74 (1.59%) today, with its stock price closing at ₹45.74. The long-term trend for Reliance Power is up since March 2023.
A bench of Justices Revati Mohite Dere and Neela Gokhale said there was no merit in the plea.The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it. Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing.
Certain documents, based on which the classification orders were passed, were not provided to him initially, and furnished only after six months, the petition claimed. The bank this year lodged a complaint with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance Communications and Ambani's residence.The CBI said it had registered a complaint after the State Bank of India claimed a loss of Rs 2,929.05 crore resulting from alleged misappropriation by Reliance Communications and Anil Ambani.
In August 2025, the Central Bureau of Investigation (CBI) raided Ambani’s Mumbai residence in connection with an alleged bank fraud of about Rs 2,000 crore. The searches, carried out at his Cuffe Parade apartment, lasted several hours. According to the Finance Ministry, SBI’s exposure to RCOM includes loans worth over Rs 2,227 crore and bank guarantees of around Rs 786 crore. RCOM is currently undergoing insolvency proceedings under the National Company Law Tribunal (NCLT), while a separate insolvency case against Ambani personally is also pending.This was not the first time SBI had flagged RCOM and Ambani as fraud. A similar move was made in 2020, but the classification was later withdrawn after a Supreme Court ruling in 2023 directed that borrowers should be heard before being labelled “fraudulent.” SBI restarted the process in line with a revised RBI circular in July 2024 and reclassified the accounts as fraud in June 2025.