Shares of Reliance Infrastructure and Reliance Power declined over 3% in early trade on Wednesday after reports emerged that SBI moved to classify Reliance Communications’ (RCom) loan account as fraud — a move that also implicates former director Anil Ambani.
At 9:26 AM, shares of Reliance Infrastructure were trading at ₹382.50, down 3.59%, while Reliance Power was at ₹66.18, down 2.75% from the previous close.
On July 1, RCom disclosed that SBI plans to report Ambani’s name to the RBI as part of its action to flag the account as fraudulent. This follows a 2020 forensic audit that alleged a diversion of ₹12,692 crore (41% of total loans) through connected parties, misuse of sanctioned funds, and circular transactions to conceal facts.
Ambani’s lawyers argued that the order was passed ex-parte, breached principles of natural justice, and ignored objections for nearly a year. They added that Ambani, as a non-executive director, had no operational role and has been unfairly singled out even though similar notices were withdrawn against other directors.
The matter adds another layer to RCom’s ongoing insolvency proceedings. The company stated that the classification would have no impact, given protections under the Insolvency and Bankruptcy Code.
As of 9:30 AM, Reliance Infrastructure traded at ₹382.50 and Reliance Power at ₹66.18.
