Anil Ambani’s Reliance Power and Reliance Infra Shares Crash After CBI Registers Loan Fraud Case Against ADA Group

Shares of Anil Ambani–led Reliance Power and Reliance Infrastructure tumbled on Wednesday after the CBI registered a loan fraud case against the ADA Group. The development triggered fresh investor concerns, dragging both stocks lower in early trade. Reliance Power slipped from yesterday’s close of ₹35.62 to ₹34.35, down 3.57%, while Reliance Infrastructure fell over 4%, declining from ₹139.66 to ₹134. RPower shares has plunged 45.11 per cent over the past six months.

Meanwhile, Reliance Infrastructure has crashed as much as 19% in the last seven sessions. Reliance Infrastructure have been facing selling pressure after Enforcement Directorate (ED) last week attached a total assets worth ₹10,000 crore as part of its ongoing money laundering probe against the companies of Reliance Group chairman Anil Ambani. Reliance Group companies have repeatedly said Ambani was not involved in the day-to-day management of the conglomerate. The industrialist has once been questioned by the ED as part of the money-laundering investigation linked to an alleged Rs 17,000-crore bank fraud against his group companies.

For the unversed CBI registered separate cases against two Reliance Anil Dhirubhai Ambani (ADA) Group companies, Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), on charges of bank loan fraud. Among the accused in one case is his son, Jai Anmol Ambani.The case stems from a complaint filed by Union Bank of India (formerly Andhra Bank) against Reliance Home Finance Ltd., then director Jai Anmol Ambani, and former CEO Ravindra Sharad Sudhakar, alleging that the company failed to repay credit facilities, leading the bank to classify the account as a non-performing asset (NPA) in 2019, it said. In a statement, the CBI said that the agency obtained search warrants from the Special Judge for CBI cases in Mumbai and began searches on December 9, 2025 at two official premises of Reliance Home Finance Ltd., the residential premises of Jai Anmol Ambani, and the residence of Ravindra Sudhalkar, the former CEO and Whole-Time Director of RHFL.

According to the complaint, Reliance Home Finance Ltd. had availed loans amounting to Rs 5,572.35 crore from 18 banks, financial institutions, NBFCs and corporate bodies, including Union Bank. The CBI said a detailed investigation will be carried out to look into allegations of fraud against all lenders involved. The agency obtained search warrants from the Special CBI Court in Mumbai and began searches on 9 December 2025 at two official premises of Reliance Home Finance Ltd., as well as the residences of Jai Anmol Ambani, son of Anil Ambani and former director of the company, and Ravindra Sudhalkar, former CEO and whole-time director. Both properties are located in Mumbai. The CBI said several incriminating documents have been found and seized during the searches. Reliance Home Finance Ltd. or Jai Anmol Ambani were yet to issue an official statement in the matter.