BUSINESS
Sebi has banned Anil Ambani from the securities market for five years on charges of diversion of funds.
Since market regulator Sebi barred industrialist Anil Ambani, brother of Mukesh Ambani, from the securities market, shares of his firms have been declining. Even on Tuesday, shares of Reliance Power and Reliance Home Finance Ltd continued to hit their lower circuit limits.
The stock of Reliance Power tumbled 4.98 per cent to Rs 31.10 -- its lower circuit limit -- on the BSE. Shares of Reliance Home Finance Ltd dropped 4.95 per cent to hit the lower circuit limit of Rs 4.03. However, the stock of Reliance Infrastructure ended 0.68 per cent higher at Rs 207.85.
Shares of Reliance Home Finance Ltd, Reliance Power, and Reliance Communications had hit their lower circuit limits on Monday as investors continued to desert the counters. Reliance Infrastructure, Reliance Home Finance, and Reliance Power had slumped on Friday also. The stock of Reliance Home Finance and Reliance Power had hit lower circuit limits on Friday.
Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or key managerial personnel (KMP) in any listed company or Sebi-registered entity for five years. It banned him from the securities market for five years on charges of diversion of funds.
READ | Rare Apple computer, that Steve Jobs was about to throw away, sells for Rs 26000000 in...
Besides, a fine ranging Rs 21-25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it.
In its probe, Sebi found that Anil Ambani, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him.
(With inputs from PTI)
Two fall prey to Narayana Murthy and Mukesh Ambani's deepfake videos, lose Rs 80 lakh: Report
North Korea fires multiple ballistic missiles toward sea ahead of US election
Deepika Padukone romances Hrithik Roshan in Bikini, looks sizzling hot in UNSEEN viral video
Chhath Puja 2024: Top 50 wishes, What'sApp messages, quotes to share with your loved ones
Meet Caroline Emmons, Ratan Tata's 'first love' with whom he couldn't marry due to...
Who is Rohan Jaitley, frontrunner to replace Jay Shah as BCCI secretary?
World’s most expensive human tooth is valued over Rs 3000000, it belonged to…
Viral video: Little girl’s adorable dance to Lisa Haydon’s 'Manali Trance' impresses internet, watch
SC to deliver its verdict on pleas against Allahabad HC order scrapping UP madrasa law today
DNA TV Show: Why Election Commission changed Assembly by-elections' dates
Days after imposing fine on Anil Ambani, Sebi now issues Rs 130 crore demand notices to...
Thailand announces indefinite visa-free entry for Indian travellers
Meet daughter of billionaire, who studied in UK, now works in Rs 32770 crore Indian company as...
MUDA case: Lokayukta police summon Karnataka CM Siddaramaiah for questioning on...
This city is 4000 years old, belongs to bronze age where 500 people lived, it is located in...
Kamala Harris has been the President of US before? Here's when and how
Meet son-in-law of billionaire whose net worth is Rs 38690 crore, he co-founded...
What is elimination inflammation diet that helped Vidya Balan lose weight?
Shah Rukh Khan feels breathless after quitting smoking: Know withdrawal symptoms, how to manage them
Zomato CEO Deepinder Goyal takes action on vendor for mislabelling mushrooms at Hyperpure warehouse
Mukesh Ambani's Reliance shares fell by 3%, loses Rs 50205 crore in one day due to...
IAF's MiG-29 crashes near Agra in Uttar Pradesh, pilot ejects safely, court of inquiry ordered
Driving Growth and Monetization at Zendesk: A Conversation with Darshit Thakkar
Can air pollution make you fat? Know how high AQI impact your health
Locanto Addresses Challenges and Innovations in Indian Education System
Nita Ambani stuns in floral co-ord set while Anant, Mukesh Ambani go casual in Dubai
Indian Railway to launch this 'SUPER APP', passengers can now..., know details here
Who is Rashmi Shukla, IPS officer whom EC removed as Maharashtra DGP?
This village in India allows men to have two wives, living under one roof due to…
AUS vs PAK, 1st ODI: Australia beat Pakistan by 2 wickets to take 1-0 lead in series
Singham Again’s sole aim is to entertain, it’s not Hindutva propaganda
Delhi pollution: 'Why firecracker ban was not implemented during Diwali,' SC asks police, govt
IPL 2025 mega auction likely to be held in Riyadh on these dates
Big update on Reliance Jio IPO as Mukesh Ambani eyes THIS date
EC reschedules UP, Punjab, Kerala bypolls from Nov 13 to...
Coldplay's Chris Martin falls through stage trap door while performing live in Australia
Meet man, who is rising star in Tata Group after Ratan Tata's death, now tasked with...
'Nice handwriting': Internet reacts to Elon Musk's physics homework from his college days
AIIMS INI CET 2025 admit card releasing today at aiimsexams.ac.in; when and how to download
Sustainability Meets Innovation via uPVC: Industry expert shares experience
Promoting innovation in engineering education
AP TET 2024 exam result declared at aptet.apcfss.in; steps to check
AI-Powered Development: Insights from industry leaders on transforming software engineering
Another BIG move by BSNL, now set to provide tough competition to Jio, Airtel, Vi by...
Uttarakhand Bus Accident: 36 dead after bus falls into gorge in Almora; rescue operations underway
Bigg Boss 18: Vivian D'Sena accuses Chahat Pandey of pooping on floor, latter loses her cool
One of India's best wicketkeepers set to retire after this season, won't play IPL too, he is...
Research shows awe-inspiring details about Black Holes, they can...
US Presidential Election 2024: Harris vs Trump goes down to the wire, say polls
AP TET 2024 exam result to be declared today on aptet.apcfss.in, when and how to check
Shampoo, tea, biscuits, oil to get costlier soon? FMCG firms caution price hike as...
Swiggy fined Rs 35000 for duping Hyderabad customer by doing THIS
Delhi pollution: Air quality in Delhi-NCR further deteriorates, AQI hits 'severe' level
Indian mission condemns attack on Hindu devotees at Canada temple by ‘anti-India’ elements
'Upar se leke neeche tak...': Bigg Boss 18's Kashish Kapoor, Eisha Singh get into ugly spat
Man grows 500 kg pumpkin, uses it as boat to sail 70 km, SEE PIC
Devotees at Banke Bihari Temple drink AC water believing it to be 'Charan Amrit'; WATCH viral video
Bank Holidays in November: Banks to remain closed for four days in THESE states, full list here
Bhool Bhulaiyaa 3: Kartik Aaryan's mother struggles to get tickets, hilarious video goes viral