Shares of Reliance Power, Reliance Infrastructure and Reliance Home Finance fell heavily in trade on Friday after promoter Anil Ambani got barred from the securities market by SEBI.
What Happened: Market regulator SEBI barred Ambani and 24 other associates from participating in the securities market, which also includes holding a director or key managerial personnel (KMP) in any listed company or intermediaries for five years.
SEBI passed the order after an enquiry into financial irregularities with Reliance Home Finance.
the stock market regulator also imposed a fine of ₹25 crore on Ambani and a ₹6 lakh penalty on Reliance Home Finance.
The markets watchdog said Ambani did a fraudulent scheme with help of Reliance Home Finance’s KMP to take funds from the company under the guise of loans structured to entities related to Ambani.
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Ambani is listed among the promoters for Reliance Home Finance and Reliance Power.
Price Action: Shares of Anil Ambani-owned companies were tumbling on Friday.
Shares of Reliance Power fell 5.01% and hit lower circuit at ₹34.48.
Shares of Reliance Home Finance declined 5.12% to hit lower circuit at ₹4.45.
Shares of Reliance Infrastrcuture fell 12.38% to ₹206.53.
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