Reliance Power shares dive 13% in two days; what analysts are saying

Shares of Reliance Power Ltd extended losses for the second consecutive session on Tuesday, sliding 7.88 per cent to Rs 40.44 on BSE. The stock has now dropped 12.88 per cent over two trading days, following the Enforcement Directorate's (ED) announcement of a provisional attachment of assets allegedly linked to the Anil Ambani Group under the Prevention of Money Laundering Act (PMLA).

In an exchange filing, Reliance Power stated that certain company assets had been attached but maintained that the action would have no impact on its business operations, shareholders, employees or other stakeholders. The company also clarified that Anil D Ambani has not served on its Board for more than three and a half years.

The ED said it has attached assets worth Rs 4,462 crore, including 32 acres of land at the Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai. The move is part of an ongoing probe into alleged bank fraud involving Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL).

With the latest order, the total value of assets linked to Anil Ambani-associated companies attached by the ED has crossed Rs 7,500 crore. The agency issued five provisional attachment orders -- four on October 31 and one on November 4 -- covering 42 properties across cities, including Mumbai, Delhi, Noida, Ghaziabad, Pune, Thane, Hyderabad, Chennai and East Godavari (Andhra Pradesh).

These properties include Ambani's Pali Hill residence, Reliance Centre in Delhi, and several holdings of group entities such as Adhar Property Consultancy Pvt Ltd, Vihaan43 Realty Pvt Ltd and Campion Properties Ltd.

Commenting on the stock's performance, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the counter remains volatile amid group-related developments and is suited "only for investors with a high-risk appetite."

Sebi-registered analyst AR Ramachandran noted that Reliance Power's stock "is bearish on daily charts with strong resistance at Rs 47" and could "slip towards Rs 38.6 in the near term."

As of September 2025, promoters held a 24.98 per cent stake in Reliance Power.