Sat Nov 09 05:00:00 UTC 2024: ## Anil Ambani’s Reliance Power Hit with SECI Ban, Shares Plunge 5%
**Mumbai, India:** Reliance Power, a company headed by Anil Ambani, saw its shares plummet by 5% on Friday following a major blow dealt by the Solar Energy Corporation of India (SECI). SECI has imposed a 3-year ban on Reliance Power, its subsidiaries, and Reliance NU BESS Limited from participating in tenders issued by the company.
The ban stems from allegations of forged documents submitted by Anil Ambani’s companies in a June tender for a 1000 MW/2000 MWh standalone battery energy storage system (BESS) project. The tender process was subsequently cancelled.
SECI’s investigation revealed that the bank guarantee submitted by Maharashtra Energy Generation Limited (now known as Reliance NU BESS Limited) as earnest money deposit (EMD) was forged.
The ban, which took effect on November 6, 2024, comes at a time when Reliance Power had recently announced that its unit, Rosa Power Supply Company, had repaid a 485 crore rupee loan to Singapore-based lender Verde Partners, achieving zero-debt status.
Reliance Power’s share price closed at ₹41.47 on the BSE, reflecting the significant impact of the SECI ban.
First Piper 