Shares of Reliance Home Finance Ltd (RHFL) and Reliance Power (RPOWER) continued to decline today, following a significant drop in their prices on Friday, August 23, 2024, after the Securities and Exchange Board of India (SEBI) imposed a five-year ban on industrialist Anil Ambani.
As of the latest trading session at 12:22PM on Aug 26, 2024, RHFL was down to ₹4.22, reflecting a decrease of ₹0.23 or 5.17%. Meanwhile, RPOWER fell to ₹32.75, down ₹1.73 or 5.02%. The ongoing sell-off in these stocks is largely attributed to the fallout from SEBI’s recent regulatory action against Ambani and 24 other entities, which stemmed from a fund diversion scandal involving Reliance Home Finance.
Reliance Infrastructure (RELINFRA) is trading at ₹211.64 on the NSE, showing a minimal decline of ₹0.12 or 0.06% from its previous close. This performance stands in contrast to some other shares in the market that have seen more negative impact.
The implications of SEBI’s ruling have sent shockwaves through the market, particularly affecting the share prices of companies linked to Anil Ambani.
The market’s reaction reflects a broader concern regarding governance and transparency within Anil Ambani’s Reliance Group, with many investors wary of potential further ramifications from the ongoing investigations.
Disclaimer: It’s advisable for investors to conduct their own research, consider their investment goals, and consult with financial advisors before making investment decisions.