Anil Ambani Banned by Sebi, Reliance Infra Stock Plunges 10%

New Delhi, Aug 23 (PTI) Shares of Anil Ambani-led group plunged on Friday after Sebi barred him and 24 other entities, including former key officials of RHFL, from the securities market for five years for diversion of funds from the company.

Shares of Reliance Infrastructure tumbled 10.07 per cent to settle at Rs 211.70 on BSE. The stock fell 10.91 per cent to close at Rs 209.99 on the NSE.

Reliance Home Finance Ltd shares fell 5 per cent to close at Rs 4.46 on BSE. The stock closed at the lower circuit limit of Rs 4.46 apiece on the NSE.

Reliance Power shares also dropped 5 per cent to hit the lower price band of Rs 34.48 on NSE and 34.45 apiece on BSE.

During the day, the stock of Reliance Power hit its 52-week high of Rs 38.07 and 38.11 on the NSE and BSE.

The 30-share BSE Sensex ended 33.02 points or 0.04 per cent higher at 81,086.21 and NSE Nifty edged up 11.65 points to close at 24,823.15.

Sebi on on Thursday barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL from the securities market for five years for diversion of funds from the company.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market, including as a director or key managerial personnel in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.

Also, the regulator barred RHFL from the securities market for six months and slapped a fine of Rs 6 lakh on it.

Passing the final order in the RHFL matter, Sebi found that Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to siphon off funds from RHFL by disguising them as loans to entities linked to him.

In February 2022, markets watchdog Sebi had passed an interim order and restrained RHFL, Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders, for allegedly siphoning off funds from the company.