Reliance Power, Reliance Infra Stocks Touched Lower Circuit Today

New Delhi, July 24 – Shares of Reliance Power and Reliance Infrastructure plunged 5% on Thursday, July 24, hitting their lower circuit limits on the BSE after the Enforcement Directorate (ED) raided 35+ premises linked to Anil Ambani and his promoters. The raids were part of a money-laundering investigation under the PMLA, targeting an alleged ₹3,000 crore bank loan fraud involving Yes Bank.

Reliance Power hit its lower circuit at ₹59.70, down 5%, while Reliance Infrastructure ended the session at ₹360.05, off 4.99%, following intraday drops of up to 4.1% and 3.5% respectively. Despite the sharp sell-off, both companies issued statements clarifying that the raids involve separate entities—Reliance Communications and Reliance Home Finance—and have “absolutely no impact on… business operations, financial performance, shareholders, employees or any other stakeholders”

The ED’s operation covered 40-50 locations across Mumbai and Delhi, examining ties to more than 50 companies and 25 individuals. Investigators suspect a quid pro quo scheme, with funds diverted to Yes Bank promoters’ concerns just prior to loan approvals to RAAGA companies between 2017–2019.

ED Raids Target Over 35 Locations in Alleged Loan Diversion Case

The Enforcement Directorate (ED) conducted coordinated searches across more than 35 locations in Mumbai, targeting over 50 companies and 25 individuals as part of a sweeping probe into a major money laundering case. The investigation centers on the alleged illegal diversion of approximately ₹3,000 crore in loans disbursed by Yes Bank to various Anil Ambani-led Reliance Group entities between 2017 and 2019. The raids, executed under the provisions of the Prevention of Money Laundering Act (PMLA), were spearheaded by the ED’s Delhi-based investigation unit and mark a significant escalation in the ongoing financial crime inquiry.

Company Clarifications and Disclaimers

Both Reliance Power and Reliance Infrastructure issued formal statements asserting that the ED’s actions bear no impact on their business operations, financial performance, shareholders, or employees.

In its exchange filing, Reliance Power emphasized that the media reports relate to transactions involving Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), entities with which it has no business or financial linkage.

“Reliance Power is a separate and independent listed entity… The said actions have absolutely no impact on our operations,” the company stated.

The filing further clarified that RCOM is under insolvency proceedings for over six years under the Insolvency and Bankruptcy Code, while RHFL has been fully resolved as per a Supreme Court judgment. It also noted that Anil Ambani is not on the board of Reliance Power, and thus any action against RCOM or RHFL holds no bearing on the governance or management of the company.

Similarly, Reliance Infrastructure echoed that it is a separate and independent listed entity with no business or financial ties to RCOM or RHFL.

Legal Status and Outlook

The companies highlighted that similar allegations are sub-judice, currently pending before the Securities Appellate Tribunal (SAT). Both firms reiterated their commitment to operational stability and long-term stakeholder value.

Reliance Power stated that it continues to focus on its business plans, undeterred by external developments.

REF: https://nsearchives.nseindia.com/corporate/RPOWER_24072025131334_Media_Release.pdf

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