It is good news for the Anil Ambani Group as its stocks maintained investor interest on Friday on the Bombay Stock Exchange (BSE) and the National Stock Exchange, for the fifth consecutive day. Both Reliance Infrastructure Ltd and Reliance Power Ltd stocks delivered an impressive performance after witnessing strong demand during the session.
Reliance Infra hits 5% upper circuit
Shares of Reliance Infrastructure saw strong buying interest, touching the upper circuit limit of 5%. The stock jumped to an intraday high of Rs 173.20, marking the highest level for the day, and closed near Rs 173, registering a gain of 4.87% from its previous close.
With this, the stock posted gains for six consecutive sessions and delivered a cumulative return of 32.92%. This reflected robust trading activity and positive market sentiment.
Short-term rally fails to mask Reliance Infra’s losses
While the recent performance provided a short-term boost for the company, its long-term performance remained weak. Reliance Infrastructure’s stock declined 8% over the past one month, 58% in the last six months, and 40% over the past one year.
Fourth-day gain lifts Reliance Power shares
Reliance Power also witnessed a rise for the fourth straight day, posting a cumulative return of 11.8% during the period. The stock opened at Rs 38 and climbed to an intraday high of Rs 38.65. It was last traded at Rs 38.55, up nearly 2% from the previous session.
However, Reliance Power Ltd is a constituent of the Nifty Energy Index, which has declined 4.37% over the past one month.
CBI Case against Jai Anmol Ambani triggers stock sell-off
The stocks were earlier impacted by legal developments after the Central Bureau of Investigation (CBI) registered a case against Jai Anmol Ambani, son of Anil Ambani, over alleged financial irregularities that reportedly caused a loss of Rs 700 crore to Union Bank of India. This development had triggered a sharp sell-off in the company’s shares.
The stocks later recovered after the Delhi High Court issued a notice to Union Bank of India, questioning whether a proper show-cause notice had been served before declaring Jai Anmol Ambani’s bank account as “fraud.”
