R Power Share Price: Anil Ambani-owned Reliance Power shares are hitting back-to-back lower circuit. On Wednesday (August 6), Reliance Power shares were locked at the lower circuit of 5 per cent for 4th straight session -- quoting at Rs 42.94.Reliance Power shares are falling for the last 6 consecutive trading sessions, having lost around 27 per cent. Reliance Power shares are trading lower than all the key moving averages.The selloff in Reliance Power is fueled by increased regulatory scrutiny of Anil Ambani-led companies.Anil Ambani Appears Before EDOn August 4 (Tuesday), Anil Ambani, chairman of the Reliance Group, appeared before Enforcement Directorate (ED) for questioning in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies. The ED will record the statement of the 66-year-old businessman under the Prevention of Money Laundering Act (PMLA).ED Action Against Reliance Group Anil Ambani was asked to appear before the agency after it conducted searches at 35 premises of 50 companies and 25 people, including executives of his business group, in Mumbai on July 24.ED's action against Anil Ambani pertains to alleged financial irregularities and collective loan 'diversion' of more than Rs 17,000 crore by his group companies, including Reliance Infrastructure (R Infra).The first allegation pertains to 'illegal' loan diversion of around Rs 3,000 crore, given by the Yes Bank to the group companies of Anil Ambani between 2017 and 2019. ED suspects that just before the loan was granted, Yes Bank promoters 'received' money in their companies. The agency is currently investigating this nexus of 'bribe' and the loan.ED is also probing allegations of 'gross violations' in Yes Bank loan approvals to these companies, including charges such as back-dated credit approval memorandums and investments proposed without any due diligence/credit analysis in violation of the bank's credit policy.The loans are alleged to have been 'diverted' to many Reliance Group companies and 'shell' (bogus) companies by the entities involved.(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
R Power Share Price: Why Anil Ambani-owned Reliance Power is hitting back-to-back lower circuit?
