Reliance Power shares fall over 4% after ED files chargesheet in fake bank guarantee case
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Shares of Reliance Power fell as much as 4.5% on Monday to Rs 36.01 on the BSE, extending a months-long slide after the Enforcement Directorate filed a chargesheet alleging the use of a fake bank guarantee to secure a government tender. The latest disclosures added to pressure on a stock that has already been on a steady decline this year, even as the group reiterated that it was a “victim of fraud, forgery and cheating conspiracy”. The chargesheet, filed before a Patiala House court on Friday, names former chief financial officer Ashok Kumar Pal, Reliance NU BESS Ltd., Rosa Power Supply Company Ltd., Odisha-based Biswal Tradelink and its managing director Partha Sarathi Biswal, Biothane Chemicals and consultant Amar Nath Dutta, among others, according to PTI. The case originates from a November 2024 complaint by the Delhi Police Economic Offences Wing, which alleged that Biswal Tradelink was engaged in issuing “fake” guarantees for a fee...