Sebi Bars Anil Ambani and Others for Malpractices

Shares of Anil Ambani-led group plunged after Sebi barred him and 24 others from the securities market for five years for fund diversion. Reliance Infrastructure, Reliance Home Finance Ltd, and Reliance Power shares fell significantly. Sebi imposed a Rs 25 crore penalty on Ambani, and other penalties on RHFL.

On Friday, shares of the Anil Ambani-led group experienced a sharp decline after the Securities and Exchange Board of India (Sebi) barred him and 24 other entities, including former key officials of Reliance Home Finance Ltd (RHFL), from the securities market for five years due to fund diversion from the company.

The company's stocks took a hit with Reliance Infrastructure falling by 10.07% to Rs 211.70 on BSE and closing at Rs 209.99 on NSE, while Reliance Home Finance Ltd shares dropped 5% to Rs 4.46 on both exchanges. Additionally, Reliance Power shares decreased by 5% to Rs 34.48 on NSE and Rs 34.45 on BSE. The stock had earlier hit its 52-week high.

Sebi imposed a Rs 25 crore penalty on Ambani, barring him from any association with the securities market for five years. RHFL was also barred for six months and fined Rs 6 lakh. Sebi's final order found Ambani orchestrated a fraudulent scheme to siphon funds from RHFL disguised as loans to related entities.

(With inputs from agencies.)