Anil Ambani Under ED Scrutiny: Reliance Shares Plunge

Anil Ambani has been summoned by the Enforcement Directorate in a money laundering case involving alleged financial irregularities. The news sent shares of Reliance Power and Reliance Infrastructure tumbling to their lower circuit limits. A past settlement with Reliance Infrastructure was highlighted, and Ambani is no longer on its board.

Shares of Reliance Power and Reliance Infrastructure nosedived on Friday as the Enforcement Directorate called Reliance Group Chairman Anil Ambani for questioning on August 5 over a money laundering investigation.

The ED has linked Ambani to alleged bank loan fraud worth crores. As a result, Reliance Power shares dropped 5% to Rs 50.21, and Reliance Infrastructure shares also fell 5% to Rs 311.60 on the BSE.

Sources confirmed Ambani, 66, must appear at the ED headquarters in Delhi. Last week's searches at 35 sites highlighted alleged financial irregularities amounting to Rs 17,000 crore in Ambani's companies. A historical dispute involving Rs 10,000 crore was deemed a decade-old issue, with exposure admitted at Rs 6,500 crore and partly resolved through mediation.

(With inputs from agencies.)