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Shares of Reliance Power got a sentiment boost after the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the Income-tax Department’s appeal, upholding relief granted to the company on a Section 14A disallowance. According to a Taxscan report, the tribunal backed the CIT(A)’s order that sharply reduced the disallowance from about ₹99 crore to ₹7.33 crore, noting that the company had sufficient interest-free funds to cover its investments.The ruling removes a major tax overhang on the Anil Ambani-group firm and is seen as positive for investor sentiment, especially amid recent volatility in group stocks.The two-member bench comprised Amit Shukla (Judicial Member) and Arun Khodpia (Accountant Member), and found that the CIT(A) had correctly applied well-settled legal principles and binding precedents. In the absence of any contrary judicial precedent or material, the Tribunal dismissed the appeal filed by the Income-tax Department. The stock opened at ₹36.29, with the day’s high reaching ₹37.26 and the low touching ₹36.14. The last traded price (LTP) stood at ₹36.88 indicating a 1% rise. The stock jumped by 4% in yesterday’s morning session after the stock had slumped over 8% amid heightened investor concerns following the suspension of Reliance Infrastructure from trading on Monday. Despite the bounce, the stock has declined nearly 43% over the past six months.The stock had touched a record high of ₹76.49 on June 11, 2025, and a 52-week low of ₹31.30 on March 3, 2025. From a technical standpoint, analysts suggest that ₹30 continues to act as a key support level for the stock, while near-term resistance is seen in the ₹36–40 zone. The counter has remained volatile in recent weeks, driven by both market sentiment and company-specific developments.On the financial front, For the quarter ending in Q2FY26, Reliance Power Ltd's profit before tax (PBT) stood at ₹108.20 crores, marking a significant 49.7% increase from Q1FY26.However, on a YoY basis, there is a dramatic decline of 96.4% compared to Q2FY25's PBT of ₹3003.58 crores. The profit after tax (PAT) for Q2FY26 was ₹87.32 crores, reflecting a substantial QoQ increase of 95.4% from Q1FY26, but a 97.0% decrease from Q2FY25. This was accompanied by a decrease in tax expenses by 24.4% QoQ and 83.4% YoY. Earnings per share (EPS) for Q2FY26 were reported at ₹0.21, a 90.9% increase from the previous quarter, but a 97.1% decrease from the same quarter last year. The Anil Ambani group stock has been facing selling pressure amid ED probe for alleged submission of a fake bank guarantee of ~₹68 crore via its subsidiary to Solar Energy Corporation of India (SECI). The company on their part has maintained that its operations continue as usual and reiterated its commitment to growth, operational excellence and value creation for its more than 43 lakh shareholders. The company also clarified that Anil D. Ambani has not been on the board of Reliance Power for over three and a half years.

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