anil ambani reliance power share, to take appropriate steps: Statement

Anil Ambani Group Shares Reliance Power Stocks and Reliance Infrastructure Share Price Live Updates Today, August 26, 2024: Shares of Reliance Power and Reliance Home Finance trade at their lower circuit, while Reliance Infrastructure stock drops.

Anil Ambani Group Stocks - Anil Ambani Stocks List

Anil Ambani Group Shares Reliance Power Stocks, Reliance Infrastructure Share Price Live updates. Today is August 26, 2024. Stocks to watch include Reliance Power, Reliance Infrastructure, Reliance Communications, and Reliance Home Finance. SEBI recently suspended entrepreneur Anil Ambani and 24 others, including former Reliance Home Finance (RHFL) officials, from accessing the securities market for five years due to fund diversion. Anil Ambani is seeking legal guidance regarding the order. “Ambani is reviewing the Final Order dated 22 August 2024 passed by SEBI in the said matter, and will take appropriate next steps as legally advised,” stated Ambani’s spokesperson.

SAT option for Anil Ambani

Speaking on the SAT action that Anil Ambani may take after SEBI’s ban, Awanish Kumar Mishra, Founder of the Center for Financial Inclusion and Planning, said, “In compliance with the SEBI order dated 22nd August 2024, para 75(iii), Anil Dhirubhai Ambani resigned from the post of Director of listed companies. He has been fined 25 Crore. He can move against SEBI above Order in Securities Appellate Tribunal (SAT), Mumbai and plead for stay over execution of this order.”

Asked about the time it may take for the SAT to deliver its verdict, Mishra said, “Taking a cue from the NSE co-location scam, the NSE had also moved to SAT on the very next date of the SEBI’s crackdown, and SEBI gave a stay on SEBI order on the same date of NSE’s appeal. So, I expect the same speed to be taken by SAT provided Anil Ambani exercises this SAT option to challenge the SEBI order banning him from the security market for five years.”

Reliance ADAG stocks in focus

Expecting the volatility in Reliance ADAG stocks to continue, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “Though Anil Ambani’s next move is not clear, it looks clear that Reliance ADAG stocks may remain highly volatile in the next few sessions. However, the move has made Anil Ambani work extra hard as arranging cash for the operation will become tough for the entire ADAG company. However, if he gets to stay against the SEBI order, we can expect some relief rally in ADAG company shares. Investors are advised to remain away from these shares and look at some other stocks.”

Shares of Anil Ambani-owned Reliance Power fell 9.7% in the last two trading sessions after Sebi had restricted the industrialist from the securities market for five years on charges of fund siphoning from Reliance Home Finance.
The stock hit its 5% lower circuit on Monday falling to its day’s low of Rs 32.73 on BSE.

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