Stock market English news | Stock market, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Anil Ambani’s power stock surged to ₹47.73, up by 0.61% today’s trading session. This marks a positive movement after it closed at ₹47.44 yesterday. The Central Bureau of Investigation (CBI) on Thursday filed a combined charge sheet in two cases pertaining to alleged fraudulent transactions between industrialist Anil Ambani’s group companies, Yes Bank and firms owned by former bank CEO Rana Kapoor’s kin. Reliance Power earlier, clarified that the developments reported in the media do not impact day-to-day functioning or future outlook. The group stated that they have no business or financial linkage with RCOM or RHFL. The group further stated that RCOM has been undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, for over six years."Mr. Anil D. Ambani is not on the Board of Reliance Infrastructure. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Infrastructure," the group said.Ambani has been named as accused in the charge sheet filed in a Mumbai court along with Rana Kapoor, his wife and daughters, and several companies, according to a statement by a CBI spokesperson. The cases, filed in 2022, concern transactions between Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) and Yes Bank and the companies owned by Kapoor’s wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor, the statement said.Anil Ambani was the chairman of ADA Group and director of Reliance Capital Ltd, the holding company of RCFL and RHFL, the CBI said.“Investigation has revealed that Yes Bank invested around ₹2045 crores in non-convertible debentures and commercial debts of RCFL and ₹2965 crores in non-convertible debentures and commercial papers of RHFL in 2017 on the approval of Rana Kapoor despite Care Ratings placing ADA Group financial companies ‘under watch’ in view of deteriorating financial standing and adverse market assessment. Funds, thus, invested in RCFL and RHFL by Yes Bank were subsequently siphoned through multiple-layers, demonstrating a systematic diversion of public money,” the CBI spokesperson said in the statement.As quid pro-quo, Anil Ambani got credit facilities sanctioned from RCFL and RHFL at concessional rates to loss making family entities of Rana Kapoor i.e. companies owned by Bindu Kapoor (wife), Radha Kapoor and Ms Roshani Kapoor (daughters),” CBI said.“This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to ₹2796.77crores) and corresponding unlawful gain to RCFL, RHFL and other companies of ADA Group as well as companies owned by family members of Rana Kapoor,” the agency added.In addition, CBI said, Reliance Nippon Mutual Funds (another subsidiary company of Reliance Capital Ltd), on instructions of Anil Ambani invested ₹1160 crores during 2017-18 in non-convertible debentures of - Morgan Credits Pvt Ltd, another entity owned by Rana Kapoor’s family. Reliance Nippon Mutual Funds also purchased ADA Group debentures worth ₹249.80 crores from Yes Bank.CBI further alleged that Reliance Nippon Mutual Funds also invested ₹1750 crores in unsecured debt instruments (AT1 Bonds) of Yes Bank. “These high risk/high reward bonds had no fixed maturity date and could either be converted into equity or written off completely in case of crisis. It may be recalled that AT1 Bonds rank most below other debts in the event of liquidation”.

Stock MarketFOLLOW

Stock market, Latest News

Shares of Vodafone Idea Ltd. fell sharply on Friday morning, trading at Rs 8.15 going down by 6% ahead ... ...

Tata Motors Limited’s shares fell 4 per cent intraday on Thursday, September 25, after its unit Jaguar Land Rover ... ...

Vodafone Idea witnessed a 1% surge in its share price on Thursday, trading at ₹8.71, up from the previous ... ...

Vodafone Idea's stock rose by 1% today, extending its strong performance with a 15% jump over the past month. ... ...

Shares of Vodafone Idea continued their upward trajectory today, fueled by investor optimism despite the company's ongoing financial challenges. ... ...

Anil Ambani’s companies, Reliance Power Ltd (RPOWER) and Reliance Infrastructure Ltd (RELINFRA), are bucking the trend of a falling ... ...

The Apple iPhone 17 series went up for sale today in India, and with that, all the four Apple ... ...

Anil Ambani’s power stock surged to ₹47.73, up by 0.61% today’s trading session. This marks a positive movement after ... ...