Anil Ambani’s Reliance Power surges with consecutive 5% upper circuit

Anil Ambani, younger brother of India’s richest man Mukesh Ambani, was once one of the richest in the country. He was once the sixth richest man in the world and had a net worth of more than Rs 1.83 lakh crore. However, Anil Ambani declared bankruptcy before a UK court in February 2020. The younger Ambani brother used to love the media attention but he disappeared from the limelight after his unfortunate downfall. Surprisingly, the spotlight is once again on Anil Ambani as his firm is now soaring new heights. Shares of Anil Ambani’s Reliance Power touched the upper circuit of 5% for two consecutive days.

As per data shared by Bombay Stock Exchange (BSE), share of Anil Ambani’s Reliance Power was trading at Rs 23.23 after hitting the upper circuit on March 18. As per the filings Reliance Power and Reliance Infrastructure has settled debt with ICICI Bank. The filings from the company reveal that it signed a settlement agreement with ICICI Bank Ltd on March 14.

To recall, Reliance Power share plummeted down to Rs 1 by over 99% percent from its peak price. Reliance Power share in 2008 was trading for around Rs 260.78 and after a massive downfall, the share price was around Rs 1.13 on 27 March 2020. In the past for years, Reliance Power has made some recovery.

For those who are unaware, Reliance Power was India’s largest IPO in 2008. It was subscribed in less than 60 seconds. DNA India