Friday marked a tough day for Anil Ambani-led companies as their stocks took a nosedive following a regulatory blow from the Securities and Exchange Board of India (SEBI).
The shares of Reliance Power hit a lower circuit of 5 per cent. At 2:34 pm IST, the shares of the company were trading at Rs 34.48 apiece, down by 5.01 per cent.
shares of Reliance Power |
The stock had a previous closing price of Rs 36.30 per share. Today, the share price ranged between Rs 34.48 and Rs 38.11 apiece. Over the past year, the stock has traded between Rs 15.55 and Rs 38.11. The company’s market capitalisation currently stands at Rs 138.51 billion, with an average daily trading volume of 52.82 million shares.
Similarly, the stocks of Reliance Home Finance also faced a steep decline, dropping over 5 per cent. The stocks of the company were trading at Rs 4.45 per share, shedding by 5.12 per cent.
Reliance Home Finance had a previous closing price of Rs 4.69 apiece. Throughout the day, the share price fluctuated between Rs 4.45 and Rs 4.92 on NSE. Over the past year, the stock’s price has ranged from Rs 1.75 to Rs 5.80 apiece. The company’s market capitalisation is currently Rs 2.16 billion, with an average daily trading volume of 2.25 million shares.
Stocks of Reliance Home Finance |
The shockwaves were even stronger for Reliance Infrastructure. The shares of the company declined by 11.21 per cent, trading at Rs 208.73 per share.
Reliance Infrastructure shares. |
The Fallout of SEBI’s Decision
The sharp decline in share prices is directly linked to SEBI’s order, which not only barred Anil Ambani but also restricted 24 other entities, including former top executives of Reliance Home Finance Ltd (RHFL), from the securities market for five years.
The market regulator imposed a penalty of Rs 25 crore on Anil Ambani and also barred him from participating in the securities market in any capacity for a period of 5 years. Also, SEBI barred RHFL from the securities market for 6 months and imposed a fine of Rs 6 lakh.
