Reliance Power shares crash over 10%; here is what happened during the weekend

The company, in its regulatory filing on Saturday, said Pal was arrested by ED on the night of October 10, 2025, under Section 19 of PMLA, 2002. He was produced before the court this morning, and ED has been granted two days’ custody. "Pending the ongoing matter and in order to assist the investigation, Shri Ashok Kumar Pal has demitted the office of Executive Director and CFO with immediate effect," the filing added.

Pending the ongoing matter and to assist the investigation, Ashok Kumar Pal has demitted the office of Executive Director and CFO, effective immediately. A formal letter will follow, and the requisite disclosure will be made, RPower said in an exchange filing.

"We also wish to clarify the media reports that Anil D. Ambani has not been on the Board of Reliance Power Limited for more than 3.5 years and is not concerned with this matter in any manner," RPower said, adding that the company will take all appropriate steps in the matter, as legally advised.

The case, news agency PTI reported, pertains to a bank guarantee of ₹68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, a listed company, that was found to be "fake".

The company was formerly known as Maharashtra Energy Generation Limited.

The accused company, which allegedly operated a racket for providing "fake" bank guarantees for business groups, was identified by the ED as Odisha-based Biswal Tradelink.

The money laundering case stems from a November 2024 FIR of Delhi Police's Economic Offences Wing (EOW). It was alleged that the company was engaged in issuing "fake" bank guarantees against a commission of 8%.

The Reliance Group had then said that Reliance Power had been a "victim of fraud, forgery and cheating conspiracy" in this case, and it had made due disclosures in this context to the stock exchange on November 7, 2024.

A group spokesperson said a criminal complaint was lodged by them against the third party (accused company) with Delhi Police's EOW in October 2024, and the "due process" of law would follow.

Management change

In a separate filing on Saturday, Reliance Power said that the Board of Directors of the company, at their meeting, appointed Shri Arup Ashok Gupta as a Non-Executive and Non-Independent Director of the company.

Further, Shri Neeraj Parakh, Executive Director and Chief Executive Officer (CEO), has been given additional charge as the interim Chief Financial Officer (CFO) of the company.

On Friday, October 10, Reliance Power shares ended 8.48% higher at ₹48.22 apiece on the NSE.