SECI had imposed ban on the company on 6 November
Shares of Reliance Power, the power company of Anil Ambani’s Reliance Group, started trading with the upper circuit today. Shares of Reliance Power hit the upper circuit today and traded at Rs 41.07, up by Rs 1.95 (4.98%). The company’s shares, which closed at Rs 39.12 on Tuesday, opened with the upper circuit today at Rs 41.07.
The company’s shares are still far behind 52 weeks
However, the company’s shares are still behind their 52 week high. The 52 week high of Reliance Power shares is Rs 54.25. At the same time, its 52 week low is Rs 19.37. Let us tell you that the shares of the company have seen tremendous fluctuations in the last few months. According to BSE data, the current market cap of Reliance Power is Rs 16,497.70 crore.
SECI had imposed ban on the company on 6 November
Today, after the ban on Reliance Power from participating in renewable energy tenders was lifted, there has been a strong rise in the shares of the company. Let us tell you that on November 6, the Solar Energy Corporation of India (SECI) had banned Reliance Power from participating in renewable energy tenders for 3 years.
What were the allegations against Reliance Power?
The company was accused of submitting fake bank guarantees to support its bid for battery storage contracts. But, when the allegations were investigated, Reliance Power was found not guilty in this case. After which SECI lifted the ban on Reliance Power. The removal of restrictions by SECI is not only a news of relief for Reliance Power but it is also a news of great benefit for the company. Actually, after the ban is lifted, Anil Ambani’s company will now be able to participate in renewable energy tenders.
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