Reliance Infra shares in focus as Anil Ambani firm urges NSE, BSE, SEBI to review ASM; key details

Shares of Reliance Infrastructure Ltd (RInfra) are in focus on Monday morning as the Anil Ambani firm submitted a formal representation to the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), seeking a review of the surveillance framework linked to Insolvency and Bankruptcy Code (IBC). The stock is also in news after the RInfra confirmed the lien in the company’s bank accounts for Rs 77.86 crore, saying it will file an appeal challenging the order.

The Mumbai-based company said it has sought a review of the Additional Surveillance Measure (ASM) framework and the related trading restrictions on its shares, citing their adverse impact on its more than 7 lakh public shareholders. It emphasized the need to ensure that market mechanisms continue to facilitate fair price
discovery and maintain investor confidence.

A total of 16.67 lakh Reliance Infra shares changed hands on Friday, amounting to Rs 13.62 crore. The scrip settled at Rs 81.76 for the day, up 5 per cent. RInfra said its shares are actively and widely traded in the market, reflecting sustained investor participation and liquidity.

"The company has highlighted that the continuation of such anomalous and artificial trading restrictions is counterproductive to the interests of 7 lakh retail and small public shareholders, and undermines the efficient functioning of the market," it said.

Anil Ambani, Kokila D Ambani, Tina A Ambani, Jai Anmol Ambani, Jai Anshul Ambani, Reliance Project Ventures and RISEE Infinity Private Ltd together held 7,78,63,424 Reliance Infra shares, totalling 19.05 per cent stake, as of March 31, 2026.

"Reliance Infrastructure has highlighted that the current framework, which permits trading only once a week within a narrow ±5% price band, results in price movements that are largely mechanical and predictable. The Company believes that such restrictions may not adequately reflect prevailing business fundamentals, operational performance or long-term value creation potential," RInfra said.

RIfra said it has has further submitted that the impact of these restrictions falls disproportionately on its public shareholders.

During lower-circuit phases, shareholders are often unable to exit their investments at a reasonable market price, while the value of their holdings erodes by a near-fixed percentage each week, RInfra said.

"The company has highlighted that the ASM framework was triggered despite the National Company Law Appellate Tribunal (NCLAT) staying both the insolvency admission order and the Corporate Insolvency Resolution Process (CIRP) against the company. Reliance Infrastructure has noted that no Resolution Professional has assumed control of the company and that its affairs continue to be managed by its duly constituted Board of Directors in the normal course of business," Reliance Infra said.

Reliance Infrastructure through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis and road projects on build, operate and transfer (BOT) basis.