Reliance Power Shares Snap Three-Day Decline Post Large Trade
The shares rose after 10 large trades of 36.87 lakh shares took place.
Shares of Reliance Power Ltd. rose over 4% after 36.87 lakh shares changed hands in 10 large trades at Rs 30.55 to Rs 32.01 apiece, according to Cogencis data.
The buyers and sellers were not immediately known.
This rally follows a three-day decline after the Securities and Exchange Board of India barred Anil Ambani and 24 other entities from the securities market. Ambani was also fined Rs 25 crore by the markets regulator and was prohibited from having any kind of association, including directorial authority, with any other listed firm.
In response, a spokesperson for Ambani said he is reviewing the SEBI order and will take appropriate next steps as legally advised. He has already stepped down from from the boards of Reliance Infrastructure Ltd. and Reliance Power Ltd., in compliance with an earlier interim SEBI order dated Feb. 11, 2022, in the matter pertaining to Reliance Home Finance Ltd.
As of Tuesday, the fall in shares of Reliance Home Finance Ltd., Reliance Power Ltd. and Reliance Infrastructure Ltd. over the past three sessions after SEBI's ban eroded approximately Rs 3,216 crore in investors' wealth.
Shares of the company rose as much as 4.37%, the highest level since Aug. 26, before paring gains to trade 3.7% higher at Rs 32.26 apiece, as of 10:05 a.m. This compared to a flat NSE Nifty 50.
The stock has risen 38.33% year-to-date. Total traded volume so far in the day stood at 5.5 times its 30-day average. The relative strength index was at 51.27.
