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Reliance Infrastructure shares traded lower on Friday, February 6, slipping 3.75% to ₹121.30, after a strong three-day rally earlier this week. The stock had surged nearly 5% each on February 3 and 4, before closing at ₹126.03 on February 5 as renewed buying interest lifted small-cap stocks amid optimism surrounding the recently announced India–US trade deal. In its Q3FY26 results, Reliance Infrastructure reported a consolidated net profit of ₹11.2 crore, marking a sharp turnaround from a loss of ₹3,298 crore in the same quarter last year. However, the company’s operating performance remained under pressure, with revenue declining 14.6% year-on-year to ₹4,297 crore.Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 52% to ₹429 crore, while the EBITDA margin narrowed sharply to 10% from 17.8%, reflecting persistent cost pressures and operational challenges. For the September quarter (Q2FY26), the company posted a 50% decline in consolidated net profit to ₹1,911.19 crore, compared with ₹4,082.53 crore in the year-ago period. Total income during the quarter slipped to ₹6,309.48 crore from ₹7,345.96 crore, highlighting continued weakness in business conditions.Despite the recent rebound, the stock has fallen over 55% in the past six months, significantly underperforming broader market indices. Reliance Infrastructure is currently trading at a discount of nearly 70% from its 52-week high of ₹425.However, on a longer-term basis, the stock has delivered strong returns of up to 277.40% over the past five years, reflecting periods of sharp volatility and cyclical recovery.The company has been marred by a series of legal issues. The Enforcement Directorate (ED) has seized Rs 54.82 crore from 13 bank accounts belonging to Reliance Infrastructure Limited under Section 37A of the Foreign Exchange Management Act (FEMA), 1999. The action was taken by the ED's Special Task Force at its Headquarters for alleged contraventions under Section 4 of FEMA. According to the agency, a detailed investigation revealed that Reliance Infra, through its Special Purpose Vehicles (SPVs), siphoned off public funds allocated for National Highways Authority of India (NHAI) construction projects. These funds were allegedly diverted through sham sub-contracting arrangements to shell companies based in Mumbai. ED officials said the shell entities were created in a "coordinated and planned manner" using dummy directors and were registered at specific bank branches in Mumbai. After the initial diversion, the money was layered through a wider network of shell companies and then remitted abroad to the UAE, ostensibly for importing polished and unpolished diamonds.However, the investigation found that no equivalent goods were imported, and the remittances were carried out without supporting documentation. The UAE-based beneficiary firms also maintained bank accounts in Hong Kong, and were allegedly controlled by individuals involved in illegal international hawala operations.The ED has revealed that the network of shell entities used in the scheme has handled hawala transactions exceeding Rs 600 crore.

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