New Delhi: Shares of companies led by Anil Ambani fell sharply on Friday. Market regulator SEBI has banned industrialist Anil Ambani and 24 others, including former top officials of Reliance Home Finance, from the securities market for five years in the case of misappropriation of funds from the company. Shares of his companies fell only after this.
Shares of Reliance Home Finance Ltd (RHFL) fell 5.12 per cent to Rs 4.45 on the NSE and 4.90 per cent to Rs 4.46 on the BSE. Shares of Reliance Infrastructure fell 10.83 per cent to Rs 209.90 on the BSE and 8.89 per cent to Rs 214.76 on the NSE.
In afternoon trade, the 30-share BSE Sensex rose 57.32 points or 0.07 per cent to 81,110.51, while the NSE Nifty rose 29.35 points or 0.12 per cent to 24,840.85.
Sebi has imposed a fine of Rs 25 crore on Ambani and barred him from engaging in the securities market for a period of five years. This includes as a director or key managerial personnel (KMP) in any listed company or any intermediary registered with the market regulator.
Apart from this, the Securities and Exchange Board of India (SEBI) has banned Reliance Home Finance from the securities market for six months and imposed a fine of Rs 6 lakh on it. The 24 banned include former chief officers of Reliance Home Finance Limited (RHFL) Amit Bapna, Ravindra Sudhalkar and Nikesh R. Shah. Ambani was fined Rs 25 crore, Bapna Rs 27 crore, Sudhalkar Rs 26 crore and Shah Rs 21 crore.
Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange Next LT, Reliance Commercial Finance Limited, Reliance Cleangen Limited, Reliance Business Broadcast News Holdings Limited and Reliance Big Entertainment Private Limited have been fined Rs 25 crore each.
Market regulator Sebi had in February 2022 passed an interim order and barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Nikesh R. Shah) from engaging in the securities market till further orders for allegedly siphoning off funds from the company.