Reliance Infrastructure and Reliance Power shares fall by 9% each in 2 days
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According to ED data:
RHFL has outstanding dues of over Rs 5,901 crore
RCFL owes about Rs 8,226 crore
RCom's dues are nearly Rs 4,105 crore
Shares of Anil Ambani-led companies fell by 9% each amid an ongoing investigation into a suspected Rs 17,000 crore bank loan fraud On the BSE, Reliance Infrastructure dropped to a day's low of Rs 269, while Reliance Power fell to Rs 43.1. This decline over the last two sessions follows a 5% surge in both stocks on Wednesday.In the past one month, Reliance Infrastructure and Reliance Power shares have declined by 25.87% and 32.93%, respectively.The Enforcement Directorate (ED) questioned Reliance Group chairman Anil Ambani on Tuesday as part of its money laundering probe into the alleged fraud. Ambani has reportedly sought seven days to submit documents related to ED's queries, according to an ET Bureau report.The ED also questioned Sateesh Seth, a close aide of Ambani, on Thursday, and Amitabh Jhunjhunwala, a former associate, on Wednesday.Loans extended to Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and Reliance Communications (RCom)—amounting to nearly Rs 17,000 crore—have reportedly turned into non-performing assets ( NPAs ). These loans were extended by nearly 20 private and public sector banks over time.Lenders include YES Bank Bank of India , and Punjab and Sind Bank , as per ET Bureau.According to SEBI , evidence collected during the investigation indicates that CLE was functionally a related party of R Infra. Documentation cited by the regulator included submissions by CLE to Yes Bank, where it acknowledged Reliance Infra as a promoter. Internal records, such as audit committee meeting minutes, reportedly identified CLE as a 'group company.': Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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