Reliance Power shares drop 5%; hit lower circuit limit

Shares of Reliance Power Ltd fell by 5% connected Friday (November 8, 2024) arsenic the institution and Reliance NU BESS Ltd person been debarred from participating successful Solar Energy Corporation of India Ltd (SECI) tenders for 3 years for allegedly submitting "fake documents".

The banal tanked 4.99% to ₹41.47, its little circuit limit, connected the BSE.

On the NSE, shares of the steadfast dropped 5% to deed the lowest trading permissible bounds for the time astatine ₹41.58.

In a note, SECI said, "Based connected the introspection of documents submitted by Maharashtra Energy Generation, present known arsenic Reliance NU BESS (for a project), it was discovered that arsenic per the tender requirements, the endorsement of the Bank Guarantee against EMD (issued by a overseas Bank), arsenic submitted by the Bidder, was fake." The contented is related to the RfS issued by SECI for mounting up 1000 MW/2000 MWh Standalone BESS Projects nether tariff-based competitory bidding.

Since the supra discrepancy was discovered consequent to the e-reverse auction, SECI was constrained to annul the tendering process.

SECI said it has debarred Reliance Power and Reliance NU BESS from participating successful tenders issued for a play of 3 years.

As per the tender conditions, the supra submission of a fake papers arsenic portion of its effect to RfS rendered the bidder eligible for debarment from aboriginal tenders issued by SECI.

Published - November 08, 2024 11:36 americium IST