Reliance Power, Infra hit lower circuit as ED summons Anil Ambani in money laundering case

Shares of Reliance Power and Reliance Infrastructure hit their lower circuit limits after the ED summoned Chairman Anil Ambani in a money laundering probe. The case involves alleged loan diversions exceeding Rs 17,000 crore across his group companies

New Delhi: Shares of Reliance Power and Reliance Infrastructure hit their respective lower circuit limits on Friday amid reports that the Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in a money laundering case.

The stock of Reliance Power tumbled 5 per cent to Rs 50.21 — its lower circuit limit — on the BSE. Shares of Reliance Infrastructure also dropped 5 per cent to hit the lowest trading permissible limit for the day of Rs 311.60.

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The ED has summoned Reliance Group Chairman Anil Ambani for questioning on August 5 in a money laundering case linked to alleged bank loan fraud worth crores of rupees against his group companies, official sources said on Friday. Ambani, 66, has been asked to depose at the ED headquarters in Delhi as the case has been registered here, the sources said.

Some executives of his group companies have also been summoned over the next few days. The summons came after the federal agency conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, last week. The searches, launched on July 24, went on for three days.

The action pertains to alleged financial irregularities and collective loan “diversion” pegged at more than Rs 17,000 crore by multiple group companies of Anil Ambani, including Reliance Infrastructure (R Infra).

A spokesperson for the Reliance Group, in a statement, said the allegation regarding the alleged diversion of Rs 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 Rs 6,500 crore.

“Through mandatory mediation proceedings conducted by a retired Supreme Court judge and the mediation award filed before the Hon’ble Bombay High Court, Reliance Infrastructure arrived at a settlement to recover its 100 per cent exposure of Rs 6,500 crore,” it said. The company added that Anil Ambani had not been on the Board of R Infra for more than three years (since March 2022).