Shares of Reliance Group companies Reliance Power and Reliance Infrastructure crashed in the opening deals on Monday, August 25.Reliance Power was locked in at ₹46.46, down 5%, while Reliance Infrastructure was also frozen at a 5% lower circuit at ₹275.65 on the NSE. Reliance Home Finance was down 5.12 per cent, compared to a 0.33 per cent advance in the Nifty50 index.
The stocks took a hit after the CBI filed a case and carried out searches at the residence of Ambani and premises linked to Reliance Communications in connection with the case. On Sunday, Reliance Power and Reliance Infra in two separate exchange filings, said they are separate and independently listed entities with no business or financial linkage to Reliance Communications. Further, Anil D. Ambani has not been on the Board of Reliance Power 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 the media reports that the recent action by the 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."
At present, Reliance Communications is being managed under the supervision of a committee of creditors, led by SBI and overseen by a resolution professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years, it said.Reliance Power and Reliance Infrastructure said they will continue to focus on business plans and remain committed to creating value for all stakeholders. Reliance Infrastructure is one of the largest infrastructure companies, developing projects through various special-purpose vehicles (SPVs) in several high-growth sectors, such as power, roads, and metro rail in the infrastructure space and the defence sector.Reliance Power, on the other hand, is one of India's leading private sector power generation companies. The company has an operating portfolio of 5,305 megawatts, including 3,960 megawatts from Sasan Power Ltd -- the world's largest integrated coal-based power plant. Despite the recent correction, RPower and RInfra have rallied 54.47 per cent and 37.01 per cent, respectively, over the last six months.