Reliance Power Share Price Drops 5% After ED Files Chargesheet in Fake Bank Guarantee Case

Reliance Power share price fell over 5% on Monday after the Enforcement Directorate (ED) filed a supplementary prosecution complaint against the company and its subsidiaries in the SECI fake bank guarantee case. The shares slipped to ₹35.7, marking their biggest intraday fall since November 24, before recovering slightly to ₹35.9. This comes even as the Nifty 50 was trading higher.

The stock has now fallen for 7 straight sessions and is down 16% so far this year, compared to a 10.5% rise in the Nifty 50. The company’s market value currently stands at about ₹14,835 crore.

ED Files Supplementary Complaint

According to Reliance Power, the ED has filed an additional prosecution complaint against the company, its subsidiaries, Reliance NU BESS Ltd. and Rosa Power Supply Company Ltd., and several individuals. This is part of the ongoing investigation into the disputed SECI bank guarantee.

The company stated that it had already filed a criminal complaint in October 2024 with the Delhi Police’s Economic Offences Wing against third parties who were involved in arranging the questionable bank guarantee. An FIR was registered in November 2024 against those entities.

Company Says It Is a Victim of Fraud

Reliance Power reiterated that its subsidiaries have acted in good faith and are victims of fraud, forgery, and cheating by external parties. It stressed that the ED’s accusations have not yet been tested in court and that the company has not been found guilty.

The company also noted that the filing of the complaint does not affect its operations and that it will present its case before the court. It assured investors that all necessary legal steps will be taken to protect the interests of the company and its stakeholders.

Read More, Exato Technologies Shares List at ₹266 on BSE SME After Strong IPO Demand.

Operations Running Normally, Board Strengthened

Reliance Power emphasised that business operations remain stable and that it continues to focus on growth and value creation for its 43 lakh shareholders. Last month, the board approved the creation of a Board of Management to improve governance and business oversight, which will include the CEO and senior leadership.

Reliance Power Q2 FY26 Performance

In the September quarter, Reliance Power reported a net profit of ₹87 crore, a significant turnaround from a ₹352 crore loss a year earlier. Total income rose to ₹2,067 crore from ₹1,963 crore in the same quarter last year.

The company, part of the Reliance Group, operates a power portfolio of 5,305 MW, including 3,960 MW from its Sasan Power project.

Conclusion

Reliance Power’s share price took a hit after the ED’s chargesheet, adding pressure to a stock already facing a rough year. However, the company maintains that it is not at fault and is instead a victim of fraud. With operations running normally, leadership being strengthened, and a return to profitability in Q2, the firm is focusing on stability and long-term value even as the legal process continues.

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