Reliance Power, Reliance Infrastructure shares crash again! Latest developments you need to know

According to news agency Press Trust of India (PTI), Ambani has been asked to depose at the ED headquarters in Delhi, as the case has been registered in the city.

People with knowledge on the matter had told PTI that the agency will record his statement under the Prevention of Money Laundering Act (PMLA) once he deposes.

The summons came after the federal agency conducted searches against multiple companies and executives of his business group last week. The searches, launched on July 24, went on for three days.

The action pertains to alleged financial irregularities and collective loan "diversion" of more than ₹10,000 crore by multiple group companies of Ambani.

The searches had covered more than 35 premises in Mumbai, and they belonged to 50 companies and 25 people, including a number of executives of the Anil Ambani Group companies.

ED sources had said the investigation primarily pertains to allegations of illegal loan diversion of around ₹3,000 crore, given by the Yes Bank to the group companies of Ambani between 2017 and 2019.

Reliance Power and Reliance Infrastructure, two companies of the group, had informed the stock exchanges, saying while they acknowledge the action, the raids had "absolutely no impact" on their business operations, financial performance, shareholders, employees, or any other stakeholders.

"The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old," the companies had said.

The ED, the sources said, has found that just before the loan was granted, Yes Bank promoters "received" money in their concerns.

The agency is investigating this nexus of "bribe" and the loan.

The sources said the ED is also probing allegations of "gross violations" in Yes Bank loan approvals to these companies, including charges such as backdated credit approval memorandums and investments proposed without any due diligence/credit analysis in violation of the bank's credit policy.

Following the development, Reliance Infrastructure shares tanked 5% to hit an intraday high of ₹311.70 on NSE. At the time of writing the article, the stock was trading at ₹313.90 per share, plunging 4.33%.

Reliance Power shares were also impacted as it touched an intraday low of ₹50.09 per share on NSE. Last seen, the stock was trading down 4.27% at ₹50.48 per share.