Reliance Power shares hit upper circuit on Tuesday
Delhi High Court has stayed the decision of clean energy agency Solar Energy Corporation of India (SECI), in which Anil Ambani Group company Reliance Power Limited was banned from participating in the auction for three years. The company gave this information on Tuesday. Earlier this month, SECI had barred Reliance Power and its subsidiary units from participating in auctions for three years. The ban was imposed recently due to allegations of submitting fake bank guarantees to support its bid for battery storage contracts.
Why did SECI impose the ban?
“The Delhi High Court, in its hearing today, has directed the SECI against the company along with all its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited),” Reliance Power said in an exchange filing on Tuesday. Reliance NU BESS had deposited the bank guarantee purportedly issued by FirstRand Bank through its unit located in Manila City, Manila, Philippines. After detailed investigation, the Indian unit of this bank said that no such branch of the bank exists in the Philippines, due to which SECI considered that the bank guarantee was fake.
Reliance Power shares hit upper circuit on Tuesday
Let us tell you that today there was a tremendous rise in the shares of Reliance Power and finally the shares of the company reached upper circuit. Shares of Reliance Power today closed at Rs 36.46 with a rise of Rs 1.73 (4.98%). Let us tell you that after a long time, the shares of Reliance Power have hit upper circuit. The company’s shares have risen by 2.04 percent in the last one week. The company’s shares have declined by 5.25 percent in the last 2 weeks and 15.52 percent in the last 1 month. It has seen a jump of 11.40 percent in the last 3 months and 36.86 percent in the last 6 months.
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