Reliance Power shares hit 5% lower circuit for 3rd straight session
The Reliance Anil Dhirubhai Ambani Group stock, after adding 72% in 15 sessions between September 12 and October 3, has fallen over 14% in three days.
The Reliance Anil Dhirubhai Ambani Group stock, after adding 72% in 15 sessions between September 12 and October 3, has fallen over 14% in three days.
The stock was consistently hitting 5% upper circuit for the past 12 sessions, while it maintained an uptrend since September 12, rising 72% during the same period.
The Reliance Anil Dhirubhai Ambani Group company has zero debt from banks and financial institutions.
Shares of Reliance Power, a part of the Reliance Anil Dhirubhai Ambani Group, were locked in 5% lower circuit at ₹31.10 per share on Tuesday.
In the past three months, the share price has nearly doubled from ₹16.3 to ₹33.10 level.
Reliance Power to sell a 15% stake in the company to VFSI Holdings at an issue price of ₹15.55 per share, aggregating to ₹933 crore.
Reliance Power and its subsidiary have entered into an agreement with alternative investment firm Varde Partners for availing debt of up to ₹1,200 crore.
Reliance Infrastructure and Reliance Power nosedived up to 9% in tandem with a 0.8% fall in the BSE Sensex.
Anil Ambani stepped down from the boards of directors of both Reliance group companies after SEBI banned him from associating with any listed company.
The share of this Anil Ambani Group company has rallied despite reporting net losses in the last four quarters.