Reliance Power Rebounds with SECI's Decision

Reliance Power shares surged by 5% after Solar Energy Corporation of India withdrew a debarment notice against the firm. This move allows Anil Ambani's company to partake in future tenders. The debarment was originally due to allegations of fake document submissions.

Shares of Reliance Power experienced a 5% increase on Wednesday following the Solar Energy Corporation of India's decision to withdraw the debarment notice against the company. This development enables the Anil Ambani-led firm to engage in upcoming tenders from the public sector entity.

The stock saw a significant climb, reaching its upper circuit limit at Rs 41.07 on the Bombay Stock Exchange. This surge was mirrored at the National Stock Exchange, where the stock also hit the highest trading permissible limit for the day.

Previously, SECI, a key agency responsible for renewable energy projects, had barred Reliance Power Ltd and its subsidiary from participating in tenders for three years due to the alleged submission of fake documents. A show cause notice had been issued, questioning why criminal proceedings should not be pursued. Despite SECI's recent withdrawal of the debarment, it retains the right to take further legal action.

(With inputs from agencies.)