New Delhi, November 08, 2024: Reliance Power shares were frozen in 5 per cent lower circuit at Rs 41.47 per share on Friday around 11:11 AM. In comparison, the BSE Sensex was down 0.10 per cent at 79,465.97. The market capitalisation of the company stood at Rs 16,658.38 crore. The 52-week high of the stock was at Rs 54.25 per share on BSE and 52-week low of the stock was at Rs 19.37 per share.
The stock declined after the company was debarred by Solar Energy Corporation of India (SECI) from participating in any of its future tenders for three years. The development came after Reliance Power allegedly submitted a fake document for a tender floated by the state-run entity in June this year according to the reports published in business-standard.com.
Reliance Power’s subsidiaries have also been barred from SECI tenders, as per SECI notice.
“Based on the above and in line with the tender conditions, it is hereby intimated that the entities, namely M/s Reliance NU BESS Limited, and M/s Reliance Power Limited (including its subsidiaries) stand debarred from participating in all the future tenders issued by SECI until 3 years from the date of issuance of the debarment notice,” SECI said in a notice dated November 6.
In June, SECI issued a request for selection (RfS) for receiving bids for 1Gw of solar with 2Gw of standalone battery storage. Anil Ambani’s Reliance Power was one of the successful bidders through its subsidiary Maharashtra Energy Generation Limited. It quoted one of the lowest bids received till date for battery storage at Rs 3.81 per unit. The other similar winning bid was from JSW Energy.
“Based on the examination of documents submitted by M/s Maharashtra Energy Generation Limited now known as M/s Reliance NU BESS Limited under the above RfS, it was discovered that as per the tender requirements, the endorsement of the bank guarantee against EMD (issued by a foreign bank), as submitted by the bidder, was fake. Since the above discrepancy was discovered subsequent to the e-Reverse Auction, SECI was constrained to annul the tendering process,” the SECI notice said.
Earlier this week, this paper reported R-Power had submitted invalid bank documents twice for the said tender using an email ID which was later flagged by State Bank of India (SBI) to be fake. SECI did not respond to Business Standard’s emailed queries then.
In the past one year, Reliance Power shares have gained 113.55 per cent against Sensex’s rise of 22.4 per cent.
