Mon Oct 07 09:41:17 UTC 2024: ## Reliance Power Shares Plunge 4.33%, Hitting Record Low
**Mumbai, India**: Anil Ambani’s Reliance Power shares plummeted today, suffering a massive 4.33% drop to a record low of ₹44.35. The fall comes after a period of record highs for the company’s shares. This substantial decline is a major blow to the business tycoon.
The shares experienced a rapid descent in trading today, dropping more than 4% throughout the day. The sharp decrease in Reliance Power shares follows a recent trend of the company’s shares experiencing both significant drops and rebounds. Notably, the group stocks had recently hit upper circuit limits before experiencing this sudden downturn.
Reliance Power’s board of directors is scheduled to convene on Thursday, October 3rd, to discuss a potential long-term resource enhancement plan. This plan involves exploring the conversion of equity shares, equity-linked securities, or equity shares into long-term resources. The meeting will also likely address proposals for Reliance Power’s preference shares, foreign currency convertible bonds, and other approvals.
The company’s promoter, Infrastructure Limited, recently allocated ₹46.20 crore worth of equity shares valued at ₹1524.60 crore through a preferential issue. Reliance Power plans to utilize ₹803.60 crore for expansion in the renewable energy sector.
First Piper 