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Anil Ambani's firms under ED scanner; shares fall 9%
Reliance Infrastructure and Reliance Power shares have fallen nearly 9% in just two days.
This comes after the Enforcement Directorate (ED) started investigating a massive ₹17,000 crore bank loan fraud involving Anil Ambani's companies.
Ambani was questioned about loans given to his group's finance and telecom firms that are now labeled as bad loans.
ED is probing loans from around 20 banks
The ED is digging into loans from around 20 banks, including YES Bank and SBI.
Reliance Home Finance owes over ₹5,900 crore, while Reliance Commercial Finance and Reliance Communications together owe more than ₹12,000 crore.
Ambani has asked for a week to submit documents for the probe, and some of his close associates have also been questioned as part of this ongoing investigation.