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These days, the period of decline continues in the Indian stock market. Most people’s portfolios are red. Especially if we talk about Reliance Power, a decline of more than 18 percent can be seen in it in the last five days. However, Reliance Power’s quarterly results for July-September 2024 have shown amazing profits. In the second quarter results of Reliance Power, the company’s consolidated profit stood at Rs 2,878.15 crore.
Share of Rs 53 becomes Rs 36
At the beginning of the year i.e. on January 1, 2024, the price of Reliance Power was Rs 23 95 paise by the time of market closing, which reached Rs 53 64 paise by October 3, 2024. That means the price of Reliance Power more than doubled in about 10 months. However, since October 3, its decline has continued and now the price of this share has become Rs 36 1 paise.
New troubles for Anil Ambani
Anil Ambani’s troubles are showing no sign of abating. First, Solar Energy Corporation of India banned his company Reliance Power from participating in tenders for the next three years and now Canara Bank has declared Reliance Communications, Reliance Infratel and Reliance Telecom Limited as fraud accounts.
Actually, Canara Bank sent a notice to Reliance Communications on Friday. In this notice it has been said that Canara Bank has declared the loan accounts of Anil Ambani’s Reliance Communications and its subsidiary companies as fraud. This is not the first time this has happened with Reliance Communications and its subsidiary companies. Earlier in December 2020, State Bank of India (SBI), Union Bank of India and Indian Overseas Bank had also declared the accounts of RCom and its subsidiary companies as fraud.
The answer came on SECI
It is not that Anil Ambani is not doing anything on these allegations. Anil Ambani’s company had recently issued its clarification on the notice given to Reliance Power by Solar Energy Corporation of India. In this matter, Reliance Power had issued a statement saying that R Power and its subsidiary companies have worked with complete honesty and have become victims of fraud. The company further informed that in this matter, a criminal complaint has been filed against the third party in the Economic Offenses Wing of Delhi Police on October 16, 2024. Later, on this basis, FIR has also been registered on 11 November 2024. Now investigation is being done in this matter.
