
Anil Ambani-linked stocks faced a sharp sell-off on August 23, 2024, following news of a ban imposed by the Securities and Exchange Board of India (SEBI). Three key stocks experienced significant drops:
Reliance Home Finance Limited (RHFL) saw its stock price fall by 5.12% to ₹4.45 on the National Stock Exchange (NSE). The stock opened at ₹4.92 and hit a low of ₹4.45 during the day’s trading. RHFL witnessed a substantial trading volume of 2,72,55,459 shares.
Reliance Infrastructure (RELINFRA) was hit even harder, with its stock plummeting 11.87% to ₹207.73. Opening at ₹237.49, the stock reached a high of ₹243.64 before dropping to a low of ₹201.99. The trading volume was considerable at 3,52,42,655 shares.
Reliance Power (RPOWER) also faced a significant decline, with its stock price falling 5.01% to ₹34.48. The stock opened at ₹36.74 and touched a high of ₹38.11 before declining to its closing price. RPOWER saw the highest trading volume among the three stocks, with 33,39,89,981 shares changing hands.
Here’s a tabular representation of the stock data as of 12:54 PM and 12:55 PM on August 23, 2024:
Stock | Current Price | Change | % Change | Open | High | Low | Volume |
---|---|---|---|---|---|---|---|
RHFL | ₹4.45 | -0.24 | -5.12% | ₹4.92 | ₹4.92 | ₹4.45 | 2,72,55,459 |
RELINFRA | ₹207.73 | -27.98 | -11.87% | ₹237.49 | ₹243.64 | ₹201.99 | 3,52,42,655 |
RPOWER | ₹34.48 | -1.82 | -5.01% | ₹36.74 | ₹38.11 | ₹34.48 | 33,39,89,981 |
The sharp declines in these stocks came in the wake of SEBI’s announcement of regulatory action against Anil Ambani and related entities. While the specific details of the ban were not immediately clear, the market’s reaction suggests that investors are wary of the potential implications for companies associated with Ambani.
This development underscores the significant impact that regulatory actions can have on investor sentiment and stock valuations. As the situation continues to unfold, market analysts will be closely watching for any further developments and their potential effects on these and other related stocks.