Shares of Anil Ambani-led Reliance Group companies fell by 5% each following reports that the Enforcement Directorate (ED) is set to question bank officials involved in a Rs 17,000 crore loan fraud case connected to the group. Reliance Power shares dropped 5% to Rs 47.58, while Reliance Infrastructure fell 4.98% to Rs 296.15. Shares of Reliance Home Finance also declined 4.84% to Rs 4.84. On Friday, the stock price fell as much as 4.82% to ₹50.30 apiece, while Reliance Infrastructure share price declined as much as 5% to ₹311.60 apiece on the BSE.
According to a PTI report, Anil Ambani has been asked to appear at the ED headquarters in New Delhi in connection with an alleged loan fraud and money laundering case involving his group companies. The agency is expected to record his statement under the provisions of the Prevention of Money Laundering Act (PMLA). The summons follow ED’s search operations conducted last week across multiple entities and executives linked to the Reliance Group. The raids, which commenced on July 24, continued for three days. The investigation relates to alleged financial irregularities, including a collective loan diversion of over ₹10,000 crore by various group companies.
ED sources indicated that a key focus of the probe is the alleged diversion of approximately ₹3,000 crore in loans extended by Yes Bank to the Reliance Group between 2017 and 2019, PTI reported. The two Anil Ambani group companies had informed the stock exchanges saying while they acknowledge the action, the raids had "absolutely no impact" on their business operations, financial performance, shareholders, employees or any other stakeholders.