Anil Ambani: Following the company’s statement over purported FEMA infractions, shares of Anil Ambani’s Reliance Power and Reliance Infra increased. According to a statement from Ambani’s spokeswoman, the FEMA case is fifteen years old, having started in 2010 and included problems with a road contractor. The JR Toll Road (Jaipur–Reengus highway) is a local project with “no foreign exchange component,” and Reliance Infrastructure was given an EPC contract to develop it that year, according to the announcement. The National Highways Authority of India has owned the finished roadway since 2021.

Anil Ambani, the proprietor of Reliance ADAG, has already been called thrice by the ED in the FEMA matter. Ambani, however, declined to go there and said that he would be happy to testify before the federal investigation agency via video or virtual presence. Reliance Power had a 2% increase in share price, while Reliance Infrastructure saw a 5% increase. Currently, RPower is selling at Rs. 34.33, down from its previous closing of Rs. 33.54. In contrast to the previous closing of 129.65, Rinfra is presently trading at Rs. 135.75. Additionally, according to ADA Group, Anil D. Ambani has been absent from the boards of Rinfra and Rpower for more than three years, as of March 2022.

According to several experts, RPower’s major support level is Rs 30, while the counter confronts short-term resistance in the Rs 36–40 range. Independent research analyst AR Ramachandran, who is registered with Sebi, states that “the stock is bearish but also oversold on daily charts with next support at Rs 29.92.” Only if a daily close is above the resistance level of Rs 36.11, which might result in a short-term upside goal of Rs 44, should investors purchase. The stock has resistance around Rs 40 and support at Rs 30, according to Jigar S. Patel, Senior Manager of Technical Research at Anand Rathi. The short-term trading area is anticipated to stay between Rs 30 and Rs 43, and a breach over Rs 40 might open the door for a move towards Rs 43.

In the meanwhile, during the last seven sessions, RInfra has plunged by up to 19%. Following the Enforcement Directorate’s (ED) attachment of ₹10,000 crore worth of assets last week as part of its continuing money laundering investigation, Reliance Infrastructure has been under pressure to sell. The business group’s properties valued at over Rs 8,997 crore were previously frozen by the Enforcement Directorate (ED). The Reliance Group’s whole attachment value is Rs 10,117 crore as per the most recent action. The Reliance Center in Ballard Estate, a commercial office building of Reliance Infrastructure Limited in Andheri East, residential properties, and a guesthouse of Reliance Infrastructure Limited in Santacruz are among the 18 immovable assets that have been provisionally attached under the Prevention of Money Laundering Act (PMLA) in Mumbai. According to the ED, the same order also includes seven residential apartments and 231 property plots in Chennai that belong to Reliance Value Services Private Limited. Aside from a few other organizations, the moveable assets that have been attached include fixed and bank deposits as well as ownership in unquoted investments of the Reliance Anil Ambani Group. According to the agency, the attachment is worth Rs 1,120 crore in total.