Shares of Reliance Power and Reliance Infra dropped 5 per cent each, hitting their lower circuit limits on Thursday, following raids by the Enforcement Department as part of an alleged ₹3,000 crore loan fraud relating to a money laundering case against the companies linked to Anil Ambani.

The stock of Reliance Power cracked 5 per cent to hit the lowest trading permissible limit for the day at ₹59.70 apiece on the BSE.

Shares of Reliance Infrastructure also tanked 4.99 per cent to hit the lower circuit limit of ₹360.05.

Reliance Power’s market valuation dropped by ₹1,298.63 crore to ₹24,690.55 crore, while that of Reliance Infra tumbled by ₹1,222.37 crore to ₹14,262.70 crore.

The Enforcement Directorate on Thursday conducted multiple raids as part of
an alleged ₹3,000-crore bank loan fraud-linked money laundering case against the companies of Anil Ambani, official sources said.

More than 35 premises in Mumbai belonging to 50 companies and 25 persons are being searched under the Prevention of Money Laundering Act (PMLA), they said.

The investigation is being carried out by a Delhi-based investigation unit of the ED.

ED sources said they are probing allegations of illegal loan diversion of around ₹3,000 crore, given by the Yes Bank to Anil Ambani’s group of companies between 2017 and 2019.

Reliance Power and Reliance Infrastructure said in separate but identical regulatory filings that the ED actions have “absolutely no impact” on their business operations, financial performance, shareholders, employees, or any other stakeholders.

The companies also said in their filings that Anil Ambani was not on the Board of
either Reliance Power or Reliance Infrastructure and that they had no “business or financial linkage” to R-Com or RHFL.

Any action taken against R-Com or RHFL, the companies said, has no bearing or impact on the governance, management, or operations of either Reliance Power or Reliance Infrastructure.