Shares of Reliance Power and Reliance Infrastructure fell sharply after SBI classified Reliance Communications’ loan as fraud, implicating Anil Ambani. The move, based on a 2020 forensic audit, alleged diversion of Rs 12,692 crore. Ambani’s legal team called the action ex parte and unjust, claiming it violates RBI norms and court rulings while ignoring his objections for nearly a year.
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