Anil Ambani’s Reliance Power Falls Below ₹40 After Amar Nath Dutta’s Arrest; ADAG Denies Links to Kolkata Consultant

After the arrest of Amar Nath Dutta, a Kolkata-based consultant, by the Enforcement Directorate in connection with a fake bank guarantee case of over Rs 68 crore, shares of Reliance Power witnessed yet another drop as RPower stock fell below ₹40 on Friday to end at ₹ 39.19. The share has been on the decline for the past entire week.  Reliance Power on Saturday clarified that Amar Nath Datta, recently arrested by the Enforcement Directorate (ED), has no links with the company. The clarification came through an official filing with stock exchanges following media reports about the ED action.

The company further reassured investors and stakeholders, stating that Datta’s arrest has not affected its business operations, financial performance, or employees. “We have learnt from press release dated Nov. 07, 2025 issued by ED that one Mr. Amar Nath Dutta has been arrested in the matter of fake bank guarantee. Reliance Power Ltd. wishes to clarify that Mr. Amar Nath Dutta is no way connected with the Company and the same has no impact on the Company and its business operations, financial performance, shareholders, employees, or any other stakeholders,” the filing read. Earlier on Thursday, the ED arrested Dutta, who it alleged played an “active role” in arranging and submitting forged bank guarantees worth over Rs 68 crore to provide a Reliance Power subsidiary qualify for a Solar Energy Corporation of India (SECI) tender.

According to the enforcement agency, Dutta, who claims to provide consultancy services in trade financing, worked in coordination with Ashok Pal, the company’s former chief financial officer, and Partha Sarathi Biswal, managing director of Odisha-based Biswal Tradelink Pvt Ltd, who were arrested earlier in the same case.Meanwhile, Dutta has been remanded to ED custody for four days for further questioning after he was produced before a special court in Delhi. This is the third arrest in this case. The arrest of Dutta comes came exactly a week before Anil Ambani's scheduled questioning next week on November 14 in ED's investigation against him and his Reliance group entities.The investigation by the ED into Reliance Power’s fake bank guarantee case comes amid a wider investigation into alleged money laundering and loan fraud linked to Anil Ambani’s Reliance Group. Reliance Power, a listed company, and its top executives are accused of alleged diversion of funds. "Board resolution empowered Pal and others to finalise, approve, sign and execute all documents for Solar Energy Corporation of India's tender, and to use RPL's financial capability for the bid," agency sources said.