NEW DELHI: Anil Ambani-led group
shares
declined on Friday after the Securities and Exchange Board of India (
Sebi
) imposed a five-year
ban
on him and 24 other entities, including former key officials of
Reliance
Home Finance Limited (RHFL), from the securities
market
due to diversion of funds from the company.
Reliance Infrastructure
‘s shares dropped 10.07 per cent, closing at Rs 211.70 on the Bombay Stock Exchange (BSE) and on the National Stock Exchange (NSE), the stock fell by 10.91 per cent, ending the day at Rs 209.99.
Reliance Home Finance Ltd’s shares also suffered a
decline
, falling by 5 per cent to close at Rs 4.46 on the BSE and, the stock hit the lower circuit limit, closing at Rs 4.46 per share on the NSE.
Reliance Power’s shares were not spared from the downward trend, as they also dropped by 5 per cent, reaching the lower price band of Rs 34.48 on the NSE and Rs 34.45 on the BSE. However, during the trading session, Reliance Power’s stock reached its 52-week high of Rs 38.07 on the NSE and Rs 38.11 on the BSE.
Earlier on Thursday, Sebi had taken action against industrialist
Anil Ambani
and 24 other entities, including former key officials of RHFL. The market
regulator
barred RHFL from the securities market for six months and levied a fine of Rs 6 lakh on it.
Sebi imposed a substantial penalty of Rs 25 crore on Ambani and has prohibited him from being associated with the securities market in any capacity, including as a director or key managerial personnel in any listed company or any intermediary registered market regulator, for a duration of 5 years.
In its final order, Sebi determined that Anil Ambani, with the assistance of RHFL’s key managerial personnel, had orchestrated a fraudulent scheme to siphon off funds from RHFL, disguising them as loans to entities connected to him.
Earlier the BSE Sensex consisting of 30 shares concluded the trading session with a modest gain of 33.02 points or 0.04 percent, settling at 81,086.21. Similarly, the NSE Nifty witnessed a slight uptick of 11.65 points, closing at 24,823.15.
(With inputs from PTI)
