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Shares of Anil Ambani’s Reliance Power and Reliance Infrastructure have continued to surge despite weakness in the broader market, with both stocks posting strong gains. The rally extended further on Thursday, with Reliance Infra stock rising another 5% to trade around ₹164.98. Reliance Power has also remained firm. The stock jumped nearly 7% to ₹38.20 today in one of its strongest recent sessions against the previous close of ₹35.69 on Wednesday. The surge is being driven largely by improving financial fundamentals rather than developments related to investigations.Meanwhile, Nifty Energy index of which Reliance Power Ltd is a constituent, has slipped around 4.37% in last one month and is currently quoting at 34737, down 0.53% on the day. The volume in the stock stood at 931.54 lakh shares today, compared to the daily average of 430.57 lakh shares in last one month.Over the past five trading sessions, Reliance Power has gained 6.6%, while Reliance Infrastructure has surged 24.3%. Taken together, the two Anil Ambani group stocks have rallied by an average of nearly 16% in just five days. Even as scrutiny around the Reliance Group chairman intensifies, the stock market is telling a very different story. Investigative agencies have tightened their grip on the businessman, with his son Jai Anmol Ambani also reportedly under the scanner of the Enforcement Directorate (ED). While the broader market remains under pressure and the Sensex continues to slide, shares of Reliance Power and Reliance Infrastructure are racing ahead, repeatedly hitting upper circuits and drawing strong investor interest. Reliance Power has significantly reduced its debt, a move that has restored investor confidence. The company has also secured a series of new orders, including projects from government-owned entities and international contracts, notably in Bhutan. Reliance Infrastructure, on the other hand, posted a strong profit of ₹1,911 crore in the September quarter. After paring its debt by nearly ₹3,000 crore, the company has strengthened its balance sheet, making it more attractive to investors seeking turnaround stories.That said, analysts caution that while the rally is currently underpinned by improved earnings visibility and fresh order wins, its sustainability remains uncertain amid ongoing investigations and broader market volatility. The Enforcement Directorate (ED) recently questioned Yes Bank co-founder Rana Kapoor as part of a money-laundering probe into Reliance Anil Ambani group companies. His statement was recorded under the Prevention of Money Laundering Act (PMLA).Yes Bank allegedly invested Rs 2,965 crore in Reliance Home Finance Ltd (RHFL) instruments and Rs 2,045 crore in Reliance Commercial Finance Ltd (RCFL) instruments between 2017 and 2019. By December 2019, these investments had turned non-performing. The outstanding exposure stood at Rs 1,353.5 crore for RHFL and Rs 1,984 crore for RCFL. According to the ED, the probe found that the two companies had received public funds worth more than Rs 11,000 crore."Before Yes Bank invested this money in Reliance Anil Ambani group companies, Yes Bank had received huge funds from the erstwhile Reliance Nippon Mutual Fund," the agency alleged. "As per SEBI regulations, Reliance Nippon Mutual Fund could not invest or divert funds directly into Anil Ambani group finance companies due to conflict-of-interest rules."Therefore, the agency claimed, public money in mutual fund schemes was routed indirectly, and the path ran through the Yes Bank's exposures.Both Reliance Power and Reliance Infrastructure issued public statements in response to the ongoing ED probe saying it has no connection to their current business operations distancing itself from Reliance Communications (RCOM) and Reliance Home Finance (RHFL)-entities at the centre of the investigation. The companies also confirmed that Anil Ambani is not on the board of both RPower and RInfra for the past three years.

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