By Admin 
Reliance Power News: Anil Ambani’s Reliance Company Group is facing troubles one after the other. On Monday, October 13, there was a huge fall in the shares of power sector firm Reliance Power. Due to which the company’s shares fell by about 10.5 percent. The share price of the company started trading around Rs 43. Besides, a decline of 4.5 percent was also recorded in the shares of Reliance Infrastructure.
The company’s senior executive Ashok Kumar Pal was arrested by the ED on Saturday in the fake bank guarantee case. After a long conversation, Ashok Pal was arrested from his office in Mumbai. The negative impact of which was seen in the first trading session of the week and the shares of the company remained weak. Due to which investors had to suffer huge losses.
ED action
After the arrest of Ashok Pal, he was sent to custody for 2 days. After several hours of long interrogation, ED presented him in the court today. ED is taking action against Ashok Pal on allegations of his involvement in a suspected bank guarantee scam of about Rs 68.2 crore. An ongoing investigation is being conducted into financial irregularities in Reliance Group. According to the information received, this investigation was started by ED on July 24.
Till now, ED has investigated 35 places, 50 companies and more than 25 people associated with Anil Ambani Group. ED fears that the loan of Rs 3000 crore taken from Yes Bank has been misused. This loan was taken between 2017 and 2019.
Company’s stocks went up with a bang
On Friday, October 10, Reliance Power’s shares had registered a huge rise in the Indian stock market. There was a jump of 15 percent in the company’s shares and its price reached Rs 50.75. Talking about the share prices of the company, it was trading at Rs 2.75 on 9 October 2020. On Monday, the power sector firm closed trading at Rs 46.25 on BSE with a decline of 4.84 percent.
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