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Shares of Anil Ambani’s Reliance Power and Reliance Infra surged on Wednesday, October 1 amid news reports that the Enforcement Directorate (ED) on Tuesday conducted searches in Maharashtra and Madhya Pradesh as part of a FEMA investigation being conducted against ADAG Group. Reliance Power surged as much as 3% to hit an high of Rs. 45.79 against the previous close of 44.30. Meanwhile, Reliance Infra surged to Rs 244 against previous close of 242.10. At least six premises of some linked entities in Mumbai and Mhow in Indore were searched, PTI reported, quoting official sources.The surprise action was part of a Foreign Exchange Management Act (FEMA) investigation being conducted against Reliance Infrastructure on charges of making some illegal remittances abroad, the report said. The company said in a statement that the ED action was related to a matter "dating back 15 years.""In 2010, the company had awarded an EPC contract for the construction of the JR Toll Road (Jaipur-Ringus Highway) to Prakash Asphaltings & Toll Highways.""This was a domestic contract with no foreign exchange involved," it said in a statement.The work was completed, and the company has no continuing connection or relationship with the said contractor. The toll road has been with the NHAI for the last four years, Reliance Infra said.The ED is already looking into claims of financial misconduct and loan "diversion" exceeding Rs 17,000 crore by several companies in Anil Ambani's group, including Reliance Infrastructure (R Infra), under the anti-money laundering law (Prevention of Money Laundering Act).The agency's actions under the PMLA were based on a SEBI report that claimed R Infra moved funds disguised as inter-corporate deposits (ICDs) to Reliance Group companies through a company called CLE.It was alleged that R Infra did not disclose CLE as its "related party" to avoid approvals from shareholders and audit panels.The Reliance Group had earlier denied any wrongdoing and said in a statement that the allegation regarding the diversion of ₹10,000 crore to an undisclosed party was a 10-year-old matter, and the company had stated in its financial statements that its exposure was only around ₹6,500 crore.The company, in its filing to stock exchanges on Tuesday, said the latest FEMA action has had "absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company."Meanwhile, Reliance Power announced the sale of its Indonesian step-down subsidiaries.The agreement, entered into on September 29, 2025, involves Reliance Power Netherlands B.V. and Reliance Natural Resources (Singapore) Pte. Ltd. (the Sellers) selling 100% equity shareholding in PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi to Biotruster (Singapore) Pte. Ltd, subject to conditions precedent and other customary terms. The deal is likely to be closed on December 30 2025. This move supports Reliance Power's focus on streamlining assets and prioritizing domestic renewable energy projects.Reliance Power said that the subsidiaries contributed no income in FY25 and had a combined net worth of Rs 16,909 lakh, accounting for 0.53 percent of the consolidated net worth. Reliance Power turned in a net profit of Rs 44.68 crore in Q1 FY26, a sharp rebound from the Rs 97.85 crore loss in the same quarter last year. The company credited this turnaround to strong plant performance (Sasan ran at a 91% PLF, Rosa delivered 97% availability) and robust debt management — it serviced Rs 584 crore in debt and now boasts one of the lowest debt-to-equity ratios in the sector.In the past five trading sessions, Reliance Power shares fell by 5.99%. Conversely, the stock rose by 3.96% over the last month. Similarly, the scrip also gained 8.74% in the past six months and 2.08% year-to-date. The stock recorded a 52-week high of ₹76.49 on June 11, 2025, and a 52-week low of ₹31.27 on March 3, 2025. As of September 29, the company’s market capitalisation stood at ₹18,933.56 crore.

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