Shares of Reliance Power dropped by 5% for the fourth consecutive session on October 7, continuing their decline as investors engaged in profit-booking. The stock, currently trading at ₹45.98, is now 16% below its 52-week high of ₹53.64, which was reached last week.
This fall comes after a stellar surge of over 60% in the past month, driven by strong investor sentiment following the company’s announcement that it had become debt-free. However, amid broader market sell-offs, investors took the opportunity to book profits, pushing the stock down.
Earlier in September, Reliance Power’s sentiment was bolstered when the company announced the settlement of all disputes with CFM Asset Reconstruction Private Limited, releasing it from corporate guarantees linked to ₹3,872.04 crore of debt owed by its subsidiary, Vidarbha Industries Power Limited (VIPL).
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