Shares of companies owned by Anil Ambani are seeing ups and downs in the stock market. Reliance Infrastructure and Reliance Power have recently hit upper circuits. The rise in these stocks came after a court development. The Delhi High Court asked Union Bank of India to explain whether it had issued a show-cause notice to Anil Ambani's son Jai Anmol Ambani before taking action. The bank claims a Rs 228 crore loss, while Ambani cites violation of natural justice and Supreme Court directives. The court said that the borrower must be given a fair chance to respond.
Reliance Infrastructure hits upper circuit
Shares of Reliance Infrastructure rose 5% to Rs 157.50 on the BSE on Wednesday and hit the upper circuit. The stock has been locked in the upper circuit for the last few days. In just five days, the share price has jumped more than 21%, rising from around Rs 129 to above Rs 157.
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Over the last five years, Reliance Infrastructure shares have gained more than 497%. The stock’s 52-week high is Rs 425, while the 52-week low is Rs 127.95. However, the stock has been weak in recent months. It has fallen over 57% in the last six months and around 17% in the past one month.
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Reliance Power also sees strong rise
Shares of Reliance Power also saw a sharp rise. The stock jumped over 7% to Rs 37.44 on the BSE on Wednesday. In the last five days, the shares have gained more than 11%.
In the past five years, Reliance Power shares have surged by over 925%, rising from about Rs 3.60 to above Rs 37. The 52-week high of the stock is Rs 76.49, while the 52-week low is Rs 31.30. Despite the long-term rise, the stock has fallen more than 40% in the last six months and nearly 9% in the past month.
Overall, both stocks have shown strong long-term gains but have faced heavy selling pressure in recent months.