Reliance Communications shares jumped over 3% in intraday deals on Friday, September 5, despite PSU lender Bank of Baroda classifying the company's loan accounts and its promoter and director, Anil Ambani, as 'fraud'. This development marks a crucial turn in the ongoing financial saga surrounding the once-prominent telecom company and its erstwhile director.
RCom, currently undergoing the CIRP under the Insolvency and Bankruptcy Code (IBC), 2016, has said that the loans in question relate to the period before its insolvency proceedings began. The company asserts that these loans must be resolved as part of a resolution plan or through liquidation under the IBC. RCom is presently under the control of a resolution professional, Anish Niranjan Nanavaty. Anil Ambani is no longer a director of the company.
In a statement, a spokesperson for Anil Ambani said he was not an Executive Director or a key managerial person of RCom, and had no role in the day-to-day operations or decision-making of the company, citing the matter pertains to 2013.
On the other hand, Anil Ambani's Reliance Power was up by 1%. R Power share price has experienced significant growth, rising more than 2,400% over the last five years. It has surged nearly 79% in just three months and approximately 51% in the past month.
The shares of ADAG Group have been in focus today following their incredible rally in the past week. In August, Reliance Power Limited, under the leadership of Anil Ambani, announced the formation of a new joint venture with Green Digital Private Limited, a state-owned firm from Bhutan. The entity, named GDL–Reliance Solar Pte Ltd (GRSPL), was officially incorporated on 24 July 2025. This initiative marks a 50:50 partnership between Reliance Enterprises Private Limited (REPL) and Green Digital, operating under the Gelephu Mindfulness City, a Special Administrative Region in Bhutan. As part of the venture's inception, REPL has acquired a 50% shareholding by subscribing to 2,25,000 shares, each valued at $100, thereby giving Reliance Power an indirect 25% interest in the new company. GRSPL is set to focus on renewable energy initiatives, although it is yet to commence operations.
Reliance Power recently reported a net profit of ₹125.6 crore for the fourth quarter ending 31 March 2025. This marks a significant turnaround from a net loss of ₹397.6 crore in the same quarter of the previous fiscal year. The company's revenue from operations saw a slight decline of 1%, settling at ₹1,978 crore compared to ₹1,997 crore in the corresponding period of the prior fiscal year.