Reliance Communications shares jumped over 3% in intraday deals on Friday, September 5, despite PSU lender Bank of Baroda classifying the company’s loan accounts and its promoter and director, Anil Ambani, as ‘fraud’.
The penny stock below ₹2, Reliance Communications, jumped to the day’s high of ₹1.43 on the National Stock Exchange (NSE) in early morning trade, rising as much as 3.62% over its last closing price of ₹1.38.
As of 9.55 am, there were 11 lakh buy orders and 4 lakh sell orders for Reliance Communications shares on the NSE.
BoB declares RComm, Anil Ambani as ‘fraud’
The company, in an exchange filing, last evening, said, “This is to inform you that Reliance Communications Limited (“Company”) has received the aforementioned Letter dated September 02, 2025 (received on September 03, 2025), from Bank of Baroda inter alia, stating that Bank of Baroda has decided to classify the loan accounts of the Company and Shri Anil Dhirajlal Ambani (in his capacity as the promoter and director of the Company (erstwhile) as ‘Fraud’.”
Meanwhile, Reliance Communications has been under the corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016.
With effect from June 28, 2019, its affairs, business and assets are being managed by, and the powers of the board of directors are vested in, the Resolution Professional, Anish Niranjan Nanavaty, and Anil Dhirajlal Ambani has ceased to be a director, Reliance Communications added.
The Anil Ambani group company also added that legal advice is being sought on the way forward with respect to this development.
Earlier, State Bank of India and Bank of India also classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing.
ADAG stocks trade mixed
Even as Reliance Communications shares traded on a firm note, other ADAG stocks were in the red. Reliance Infrastructure shares declined in trade to hit a low of ₹281 on the BSE, down over 2% from their last close.
Reliance Power shares, after hitting a low of ₹45.55, rebounded to trade just 0.5% higher in trade.
RComm share price was at ₹1.40 as of 10.30 am, up 1.45%.