Reliance Power Share Price Today: Anil Ambani’s Stock Hits Upper Circuit - Here’s Why

Reliance Power Share Price: The shares of Reliance Power hit an upper circuit on Wednesday after the Solar Energy Corporation Of India Limited (SECI) issued a public statement removing the ban from the company and Reliance NU BESS.

In a public statement issued on 3rd December 2024, SECI said, "It is hereby notified that the Debarment Notice issued to M/s Reliance Power Limited has been withdrawn, with immediate effect. The Company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy.to SECI’s right to take all actions in accordance with the law. Accordingly, the public notice dated 06.11.2024, stands modified to the limited extent as above."

The shares of the company rose as much as 4.98 per cent on Wednesday, recording a nearly Rs 2 per equity share. The stock was trading at the market price of Rs 41.07 apiece.

Stock Performance

The stock of the company has been more than 67.71 per cent in the last six months whereas the stock has almost doubled over the last one year time frame. However, in the last month, the market value of the share of Reliance Power has lost 2.24 per cent and currently hovers above Rs 41.09 apiece.

SECI, the implementing agency for renewable energy projects, barred Reliance Power Ltd and Reliance NU BESS Ltd on 6 November from participating in its tenders for three years, citing allegations of submitting "fake documents".  

A week later, on 13 November, SECI issued a show-cause notice to Anil Ambani-led Reliance Power, questioning why criminal proceedings should not be initiated following the submission of a fake bank guarantee by one of its units.