2024-08-29 19:17:33
New Delhi: Shares of Anil Ambani’s company Reliance Power (RPower) have closed with a decline of 5% for three consecutive days. This decline has come after the stock market regulator SEBI imposed a 5-year ban on Anil Ambani and a fine of Rs 25 crore. SEBI has accused Ambani of fund diversion from Reliance Home Finance (RHFL). This decline in the shares of Reliance Power started from August 22. Then it closed in the red mark after touching the upper circuit. Earlier, from August 16 to August 21, it remained in the upper circuit continuously. With this decline, the share of R-Power has fallen from its 52-week high of Rs 38.11 to Rs 31.11. Due to this decline, investors have suffered a total loss of Rs 2,812 crore.
SEBI ban has an effect on Anil Ambani
According to the BSE website, R-Power has 4,01,69,70,966 (401.7 crore) free-floating shares in the market. The share price has dropped from Rs 38.11 to Rs 31.11, a fall of Rs 7 per share. When this amount is multiplied by the number of free-floating shares, i.e. 401.7 crore in this case, the total loss is Rs 2811.9 crore.
SEBI found in its investigation that Anil Ambani had hatched a scheme to siphon off money from RHFL with the help of key managerial personnel of RHFL. Apart from Ambani, SEBI has also banned 24 other former officials of RHFL from doing business in the securities market for 5 years.
The stock was doing well for some time
R-Power is part of the S&P BSE Smallcap. Its market cap is Rs 12,492.78 crore. According to BSE Analytics, its shares have gained 436.66 per cent so far in 2024. It had gained nearly 10 per cent last month. This Anil Ambani stock has given a return of 89 per cent in one year. It has gained 101.5 per cent in the last two years. If we look at the long term, this stock has given a return of 194 per cent and 942 per cent in the last three and five years.
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