Last updated on August 30th, 2024 at 03:41 pm
The Securities and Exchange Board of India (SEBI) issued a five-year ban on Anil Ambani and 24 others, including some officials from Reliance Home Finance, following their involvement in a significant financial fraud. The ban includes restrictions on participating in the securities market and a ₹25 crore penalty on Ambani.
Anil Ambani: Sharp Decline in ADAG Stocks
The SEBI order led to a dramatic downturn in Reliance ADAG stocks. Reliance Home Finance shares, which initially saw gains, plummeted to a 5% lower circuit. Reliance Infrastructure’s stock fell by approximately 12%, and Reliance Power shares also dipped by 5%.
Suspension of Trading in Other Reliance ADAG Stocks
Trading in other Reliance ADAG stocks, including Reliance Capital, Reliance Communications, and Reliance Naval and Engineering, was suspended on Friday, reflecting the widespread impact of SEBI’s action across the group.
