**EDS: FILE PHOTO** Mumbai: In this Dec. 26, 2017 file photo, Anil Ambani, Chairman of Reliance Communication, addresses a press conference in Mumbai. Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. (PTI Photo) (PTI08_23_2024_000085A) | Photo Credit: -
Anil Ambani Group Stocks Reliance Power Stocks, Reliance Infra Share Price Updates August 26, 2024: Reliance Power, Reliance Infrastructure, Reliance Communications and Reliance Home Finance stocks are in focus. SEBI recently barred industrialist Anil Ambani and 24 others, including former officials of Reliance Home Finance (RHFL), from accessing the securities market for five years for diversion of funds. Anil Ambani is taking legal advice on the order. “Ambani is reviewing the Final Order dated 22 August 2024 passed by SEBI in the said matter, and will take appropriate next steps as legally advised,” said Ambani’s spokesperson.
Anil Ambani exploring legal options against SEBI order
Anil Ambani is taking legal advice on the order passed by SEBI which barred him from accessing the securities market for five years for alleged diversion of funds.
- 15:44 | August 26, 2024
Anil Ambani Group stocks in focus: Shares close in red
Three stocks closed at the lower circuit.
- Reliance Communications (-5.31%)
- Reliance Home Finance (-5.17%)
- Reliance Power (-5.02%)
- Reliance Infrastructure (-1.94%)
- 15:00 | August 26, 2024
Anil Ambani Group stocks in focus: Stocks outlook as at 2.59 pm
Four stocks declined of which three continue to trade at the lower circuit.
Reliance Communications (-5.31%)
Reliance Home Finance (-5.17%)
Reliance Power (-5.02%)
Reliance Infrastructure (-1.73%)
- 13:56 | August 26, 2024
Anil Ambani Group stocks trading at lower circuit
- Reliance Home Finance (-5.17%)
- Reliance Power (-5.02%)
- Reliance Communications (-5.31%)
(per NSE data as at 1.55 pm)
- 13:40 | August 26, 2024
Anil Ambani Group stock in news: Reliance Infrastructure slips to trade in red
Reliance Infrastructure stock slipped to ₹209.98 on the NSE, down by 0.84% as at 1.37 pm.
- 13:13 | August 26, 2024
Anil Ambani Group stocks in focus: Reliance Infra rises 1%
Shares of Reliance Power, Reliance Home Finance and Reliance Communications continue to trade at their lower circuit at ₹32.75, ₹4.22 and ₹2.32, respectively.
Meanwhile, Reliance Infrastructure stock rose 1.77% to trade at ₹1,221.30 as at 1.10 pm.
- 12:09 | August 26, 2024
Anil Ambani group stocks in focus: Anil Ambani-led group stocks decline amid SEBI’s order
- Reliance Communications (-5.31%)
- Reliance Home Finance (-5.17%)
- Reliance Power (-5.02%)
- Reliance Infrastructure (+0.33%)
- 11:55 | August 26, 2024
Anil Ambani-led Group stocks in focus: Reliance Home Finance, Reliance Power shares hit lower circuit limits: PTI
Shares of Anil Ambani-led group firms -- Reliance Home Finance Ltd,Reliance Power and Reliance Communications -- hit their lower circuit limits on Monday as investors continued to desert the counters after markets regulator Sebi barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from Reliance Home Finance Ltd.
The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE.
Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day.
Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32.
Reliance Infrastructure also declined 2.90 per cent to Rs 205.55.
Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also.
Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years.
Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it.
After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations.
In its probe, Sebi found that Anil Ambani, with the help of RHFL’s KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to “siphon off” funds from RHFL by disguising them as loans to entities linked to him.
Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company’s management ignored these orders.
Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company’s management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue.
This suggests a sinister objective behind the ‘loans’. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL.
Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company’s resolution under the RBI Framework, leaving its public shareholders in a difficult position.
PTI
- 11:33 | August 26, 2024
Reliance Infrastructure stock traded at ₹212.80 on the NSE, up 0.49% as at 11.31 am.
- 11:33 | August 26, 2024
Reliance Power and Reliance Home Finance shares continue to trade at their lower circuit.
- 10:55 | August 26, 2024
SEBI’s order: SEBI bars Anil Ambani, 24 others from securities market for 5 years
The Securities and Exchange Board of India (SEBI) has barred industrialist Anil Ambani and 24 others, including former officials of Reliance Home Finance (RHFL), from accessing the securities market for five years for diversion of funds.
Ambani and 23 others have been fined ₹25 crore each. The other entities include Reliance Unicorn Enterprises, Reliance Exchangenext, Reliance Commercial Finance, Reliance Cleangen, Reliance Business Broadcast News Holdings and Reliance Big Entertainment.
SEBI has also banned RHFL from the securities market for six months and levied a penalty of ₹6 lakh on it.
- 10:53 | August 26, 2024
Reliance Infrastructure stock in focus
Reliance Infrastructure stock traded flat at ₹211.98 on the NSE as at 10.51 am.
- 10:50 | August 26, 2024
Reliance Power and Reliance Home Finance stocks traded at the lower circuit on Monday.
Shares of Reliance Power declined by 5.02% to trade at ₹32.75 on the NSE as at 10.47 am, and Reliance Home Finance stock slumped 5.17% to trade at ₹4.22.
- 10:13 | August 26, 2024
Mukesh Ambani-led Reliance Industries share price in focus
Shares of Reliance Industries traded at ₹3,021.35 on the NSE, up 0.71% as at 10 am. Reliance Industries shares were trading about 1% higher on Monday’s early trade. Brokerages have maintained their positive stance on the stock ahead of its annual general meeting (AGM) on August 29, 2024.
Published on August 26, 2024
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