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Anil Ambani to be quizzed by ED: Shares tank 5%
Reliance Power and Reliance Infrastructure shares dropped by up to 5% on Friday after the Enforcement Directorate (ED) called in Anil Ambani for questioning.
He's set to appear on August 5 over alleged loan fraud and money laundering involving his group companies.
The market didn't take the news lightly—Reliance Power slipped to ₹50.30, while Reliance Infrastructure fell to ₹311.60.
ED raids against Reliance Group
The ED started raiding Reliance Group-linked entities on July 24, digging into suspected financial irregularities.
The main focus: a huge loan diversion of over ₹10,000 crore, including about ₹3,000 crore in loans from Yes Bank that allegedly got rerouted between 2017 and 2019.