Anil Ambani: As regulatory restrictions continue after the company’s admission into the Insolvency Resolution Process (IRP) under the Insolvency and Bankruptcy Code (IBC), Reliance Infrastructure shares remained off regular trading for the third day in a row, raising concerns among 7 lakh investors holding approximately 9.44 crore shares, valued at about ₹1,640 crore. Stock exchanges continue to apply draconian Additional Surveillance Measures (ASM) on the Anil Ambani-led ADAG firm, which significantly limits market participation and prevents the stock from being traded. Reliance Infrastructure shares may only be traded once a week, on Mondays, under the ASM framework. New purchases are prohibited and only sales are authorized.

After the stock saw significant volatility and several upper-circuit movements in recent sessions, this limitation still restricts investors’ ability to exit holdings, which increases uncertainty, particularly among retail shareholders. Participants in the market observed that these restrictions are preventative and regulatory in nature, with the goal of preventing excessive speculation and guaranteeing orderly trade.The stock has shown significant short-term momentum in spite of the constraints. Its one-year return is still around –40%, but it has gained almost 27% in the last week. The company has had tremendous volatility in the past; it previously traded in the thousands, fell to the verge of collapse, and is now showing signs of recovery around ₹173.20.

The fact that Foreign Institutional Investors (FIIs) have been steadily cutting their interests since March 2025—from 11.35% to 7.08%—adds to the worry. Although the gain could seem spectacular, the consistent withdrawal of foreign investors raises the possibility that the surge is not entirely sustainable and that the stock is more appropriate for short-term trading than long-term investing.Investors may have low liquidity as a result of trading limitations, which makes it difficult to exit investments when necessary. Instead of being backed by solid fundamentals, the latest surge, which saw the stock increase almost 5% to ₹173, seems to be mostly technical and speculative. Any quick gains might be followed by steep drops due to negative EPS and ROE as well as continuing IBC procedures. The Trading Restricted status makes things even more difficult since it may be impossible to purchase or sell suddenly, and the stock may be more susceptible to price manipulation due to fewer volumes.