Anil Ambani's company stock has fallen 53% in six months, expert advice   

Shares of Anil Ambani's company, Reliance Power Limited (RPower), also saw a decline on Thursday. The stock fell 1.38% on Thursday, closing at ₹33.51. On Friday, it saw a rise and is trading at ₹34. This company has seen a massive 52.98% decline in share price over the past six months. The recent decline comes after the Enforcement Directorate (ED) filed a complaint in connection with the SECI bank guarantee case.

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The company further stated that it reiterates that Reliance Power, its subsidiaries, and its employees were operating properly and are victims of fraud, forgery, and conspiracy perpetrated by third parties. Based on the aforementioned FIR, the Enforcement Directorate (ED) initiated its investigation. The ED's allegations have not yet been judicially investigated, and the company has not been found guilty of any wrongdoing.

What did the company say on money laundering?

The company also issued a clarification on reports related to the provisional attachment of assets worth ₹10,117 crore by the ED for alleged violations of the Prevention of Money Laundering Act (PMLA). The company stated that ₹8,078 crore of this total value relates to assets of Reliance Communications Limited (RCom), which has not been part of the Reliance Group since 2019.

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What will happen to Reliance Power shares?

It also mentioned that Anil D. Ambani has not been on the board of directors of Reliance Power for more than three and a half years. Some analysts suggest that Rs 30 is a crucial support level for Reliance Power stock, while the stock has resistance levels at Rs 36-40 in the near term.