Reliance Power Share Price Today: One of the top Anil Ambani Group stocks, Reliance Power witnessed a sharp fall during Monday’s intraday trade.
Reliance Power share price crashed nearl 7% during the pre-market opening as the company announced on Saturday that Ashok Kumar Pal has demitted the office of the company’s Executive Director and CFO.
The announcement has come nearly a day after Ashok Kumar Pal was arrested by the Enforcement Directorate on Friday night last week under Section 19 of PMLA, 2002.
Reliance Power Share Price Crashes On Monday
Reliance Power share price crashed nearly 11.4% to hit an intraday low mark of Rs 43 per share on BSE. The stock witnessed some recovery in the next thirty minutes. Reliance Power shares were trading 5.33% lower at Rs 46 per share with a market capitalisation of Rs 19,028.68 crore.
Reliance Power Share Price Technical Analysis
RPower’s stock crash has raised concerns among investors who were hoping for a turnoaround in Anil Ambani’s group stock. However, experts believe that investors are reacting to the news and soon the stock will continue to trade based on its fundamental and technical strength.
As per Trendlyne data, Reliance Power stock is titled as “Strong Performer, Under Radar’ category. Stocks under this category “are with good quality scores and with strong financials. They are affordably priced stocks and can give good returns,” noted Trendlyne in its data.
As per the website’s analysis, Reliance Power has a durability score of 70 on a scale of 100, which indicates high financial strength. “A High Durability Score (greater than 55) indicates good and consistent financial performance, stable revenues, cash flows, and low debt.”
Reliance Power CFO Arrested By ED
Reliance Power CFO Ashok Kumar Pal was arrested by ED on Friday over an alleged money laundering case. He was produced before the court later and later the court had granted two days custody to ED.
Anil Ambani Not Involved In Matter
In a BSE filing, Reliance Power, has clarified that Ashok Kumar Pal has demitted the office of Executive Director and CFO with immediate effect.
The company further clarified that Anil Ambani is not involved in the case. “Ambani is not on the Board of Reliance Power Limited for more than 3.5 years and is not concerned with this matter in any manner,” the company further stated in BSE filing.
According to PTI, Pal has been arrested in a money laundery case related to a bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power. The company was allegedly found to be “fake”.
Reliance Power has reiterated that the entity is also a victim of the fraud and forgery. “As also informed, the Company and its subsidiaries acted bonafidely and are a victim of fraud, forgery and cheating conspiracy,” read BSE filing.