Anil Ambani-led group stocks plummet after Sebi bans him, others from securities market

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Anil Ambani-led group stocks plummet after Sebi bans him, others from securities market

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August 23, 2024

Anil Ambani-led group stocks plummet after Sebi bans him, others from securities market

Aug 23, 2024 05:51 PM IST

On Thursday, Sebi barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL from the securities market for five years

Shares of companies led by Anil Ambani on Friday fell sharply 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.

420 crore towards taxes on transactions done by him in 2006 and 2012. (File Photo/Mint)” title=”Anil Ambani was issued I-T notices for the alleged evasion of ₹420 crore towards taxes on transactions done by him in 2006 and 2012. (File Photo/Mint)”>

Anil Ambani was issued I-T notices for the alleged evasion of ₹420 crore towards taxes on transactions done by him in 2006 and 2012. (File Photo/Mint)

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The stock of Reliance Home Finance Ltd (RHFL) fell 5.12 per cent to ₹4.45 on the NSE, and 4.90 per cent to ₹4.46 on the BSE.

Reliance Infrastructure shares tumbled 10.83 per cent to trade at ₹209.90 apiece on the BSE. On the NSE, it plunged 8.89 per cent to ₹214.76.

Further, Reliance Power stock declined 5 per cent each to ₹34.45 and ₹34.48 on BSE and NSE, also its lower price band.

In the mid-session trade, the 30-share BSE Sensex rose 57.32 points or 0.07 per cent to trade at 81,110.51, while NSE Nifty climbed 29.35 points or 0.12 per cent to 24,840.85.

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On Thursday, Sebi 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 ₹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 ₹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.

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On Thursday, Sebi barred industrialist Anil Ambani, 24 other entities, including former key officials of RHFL from the securities market for five years

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