Shares of Anil Ambani’s Reliance Power gained by 1% after ADAG Group chairman approached the Supreme Court challenging a Bombay High Court order that upheld State Bank of India’s (SBI) decision to classify his and Reliance Communications’ (RCom) loan accounts as fraudulent. Currently the stock is trading at Rs.39.35. The Bombay High Court, in its October 3, 2025 ruling, had rejected Ambani’s plea that he wasn’t given a fair chance to defend himself.
The court found that SBI followed the Reserve Bank of India’s (RBI) Master Directions on fraud risk management, and as the “promoter” and “person in control” of RCom, Ambani must face the consequences. SBI had flagged the accounts as fraudulent in June, alleging fund misappropriation in violation of loan terms, dating back to a 2016 case. Following the bank’s classification, the Central Bureau of Investigation (CBI) registered a case in August, citing a loss of over ₹2,929 crore. Several other banks have also followed suit with similar fraud designations.
As the appeal awaits listing in the Supreme Court, no hearing date has been set.Last month, the ED provisionally attached assets worth around ₹3,084 crore linked to Anil Ambani. These include a residence in Mumbai, the Reliance Centre in Delhi, and multiple properties spread across Delhi, Noida, Ghaziabad, Mumbai, Pune, Thane, Hyderabad, Chennai, Kancheepuram, and East Godavari. The attachments — comprising office spaces, residential properties, and land parcels — were made under Section 5(1) of the Prevention of Money Laundering Act (PMLA), following orders issued on October 31. Over the past year, Reliance Power shares have gained 14%, while they have rallied 84% in the past two years.Reliance Power share price has delivered multibagger returns of 162% in three years and has jumped a staggering 1,265% in the past five years.