Reliance Power’s stock surged 5% on Tuesday, hitting the upper circuit limit, after the Solar Energy Corporation of India (SECI) withdrew its debarment notice against the company. This development has opened doors for Reliance Power and its subsidiary, Reliance NU BESS Limited (formerly Maharashtra Energy Generation Limited), to once again participate in SECI’s future tenders.
On November 6, SECI had debarred Reliance Power and its subsidiary for a period of three years, prohibiting them from participating in any SECI tenders. However, after legal proceedings, the debarment was lifted with immediate effect, allowing the company to regain eligibility.
This withdrawal is significant for Reliance Power, as it restores the company’s ability to engage in SECI’s solar and renewable energy projects, which are crucial for its business growth. While the debarment has been revoked, SECI retains the right to take further legal actions if necessary.
Reliance Power’s shares opened at ₹41.09, marking the day’s high and low. Despite this volatility, the company’s stock remains near its 52-week high of ₹53.64, with its 52-week low recorded at ₹19.40.
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