Shares of Anil Ambani's Reliance Power and Reliance Infra hit 5% lower circuit after ED attached assets of Reliance Group Chairman. Reliance Power share price was trading 5.73% lower at Rs 43.90 per share on BSE with a market capitalisation of Rs 18,098.13 crore at 1pm. Reliance Power shares had touched an intraday low of Rs 43.05 per share. Meanwhile, the Reliance Infrastructure share price was trading 5% lower at Rs 205.85 per share.
The ED has provisionally attached around 40 properties worth Rs 3,000 crore in a money laundering case involving the Anil Ambani-led Reliance Group. Among these are Anil Ambani's Pali Hill residence in Mumbai and the Reliance Centre at Ranjit Singh Marg in Delhi. The ED also seized assets across various locations, including Noida, Ghaziabad, East Godavari, Mumbai, Pune, Thane, Hyderabad, and 29 flats in Chennai worth Rs 109.6 crore.These actions were taken under the Prevention of Money Laundering Act (PMLA). The attached assets comprise office spaces, residential units, and land parcels totaling ₹3,084 crore. As of now, Anil Ambani's Reliance Group has not released an official statement regarding this development.
The ED's recent action is linked to allegations of fund diversion and laundering by Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Between 2017 and 2019, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these investments became "non-performing," with RHFL owing Rs 1,353.50 crore and RCFL owing Rs 1,984 crore.Investigators claim that over Rs 17,000 crore was diverted through a collective loan scheme by various group companies, including Reliance Infrastructure. In August, the ED questioned Anil Ambani after conducting raids on 35 premises linked to 50 companies and 25 individuals in Mumbai on July 24. Reliance Power and Reliance Infrastructure have clarified that the ED investigation has no impact on their business operations or financial performance.