Shares associated with Anil Ambani fell sharply on Friday after securities market regulator SEBI imposed restrictions on him and his companies. SEBI has banned Anil Ambani and 24 other entities, including former key officials of RHFL, from the securities market for five years for withdrawing funds from the company. Following this action by the regulator, shares of Reliance Home Finance Limited (RHFL) fell 5.12 per cent to Rs 4.45 on NSE and 4.90 per cent to Rs 4.46 on BSE.
Shares of Reliance Infrastructure were seen trading 10.83 per cent lower at Rs 209.90 on BSE. On NSE, it fell 8.89 per cent to Rs 214.76. Apart from this, shares of Reliance Power fell 5-5 per cent to Rs 34.45 and Rs 34.48 on BSE and NSE. At mid-session trade, the 30-share BSE Sensex was trading 57.32 points, or 0.07 per cent, higher at 81,110.51, while the NSE Nifty climbed 29.35 points, or 0.12 per cent, to 24,840.85.
On Thursday, Sebi had barred industrialist Anil Ambani, former key officials of RHFL and 24 other entities from the securities market for five years for diversion of funds from the company. Sebi has imposed a fine of Rs 25 crore on Ambani and barred him from engaging in the securities market for a period of 5 years, as a director or key managerial personnel in any listed company, or associating with any intermediary registered with the market regulator.
Also, the regulator barred RHFL from the securities market for six months. Passing the final order in the RHFL case, SEBI said that Ambani, with the help of RHFL’s key managerial personnel, had hatched a fraudulent scheme to siphon off funds from RHFL. With the help of this, he had issued loans to entities linked to him. In February 2022, market regulator SEBI had passed an interim order and barred RHFL, Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for siphoning off funds from the company.
