Anil Ambani’s Reliance Power and Reliance Infra Shares Continue to Crash for Fifth Straight Day as MCA Opens Probe Into Fraud Allegations

Trouble continues to mount for Anil Ambani’s ADAG group as  regulatory net has tightened its screws on the younger son of Dhirubhai Ambani. After the ED and CBI  the Ministry of Corporate Affairs (MCA) has initiated a fresh probe into alleged diversion of funds across multiple group companies, including Reliance Infrastructure, Reliance Communications, Reliance Commercial Finance and CLE Pvt Ltd. The move comes at a time when ED has stepped up enforcement against the debt-ridden conglomerate. Earlier this week, the agency attached assets worth nearly Rs 7,500 crore belonging to Reliance Group firms. Reliance Power’s share price saw a sharp decline of 2.37% today, after which the stock was trading at ₹39.57. Due to this fall, the BSE Power Index was also affected, slipping 1% to 6,854.3.

Earlier, in the previous trading session, Reliance Power’s share price had dropped by 6%, falling to ₹41, and after the market opened today, the decline deepened further. Overall, the market also appeared under pressure. The Sensex fell 0.5% to 83,541.Among other BSE Power Index stocks, Power Grid Corporation declined 3.3%, and Torrent Power slipped 2.9%. However, stocks like Adani Power and Thermax saw a slight rise, gaining 1.8% and 1.7%, respectively. In the past one year, Reliance Power’s share price has fallen from ₹42.6 to ₹39, a decline of around 3.3%. During the same period, the BSE Power Index has recorded a decline of about 12.5%. Meanwhile, stocks like Siemens, Thermax, and Adani Green Energy have fallen between 30–55% over this duration.

Despite the fall in share price, Reliance Power reported better results in the quarter ending June 2025. The company earned a net profit of ₹447 crore, whereas it had reported a loss of ₹983 crore in the same quarter last year. However, the company’s sales fell 5.4% to ₹18,856 crore. For the full financial year 2025, the company recorded a profit of ₹29,474 crore, marking a massive 231% increase compared to the previous year. However, revenue declined 3.9% to ₹75,829 crore. ED officials said the attached properties include 30 assets of Reliance Infrastructure, along with properties linked to Adhar Property Consultancy, Mohanbir Hi-tech Build, Gamesa Investment Management, Vihaan43 Realty and Campion Properties. These attachments are connected to what authorities describe as a multi-crore bank fraud case involving Reliance Infrastructure.The ED’s case centres around loans raised by Reliance Communications (RCOM) and its group companies between 2010 and 2012. As per the agency, the outstanding dues stand at Rs 40,185 crore, with five banks declaring the loan accounts fraudulent.Investigators say funds were diverted across group entities, funnelled to related parties and even used to repay older borrowings in violation of loan conditions. The ED has alleged that money raised for business operations instead went toward what it calls “evergreening” of existing debt.