Is Anil Ambani staging the ultimate comeback? Once the richest man in India, his fortunes took a hit over the years.
But now, he’s fighting back by slashing debt across his companies. The latest milestone? Reliance Power has just wiped out its debt, settling an obligation of 3,872 crore rupees!
After reducing significant debt, these stocks have risen by over 5 percent, hitting the upper circuit limit, showing strong investor confidence.
Similarly, Reliance Infrastructure Ltd's shares jumped by 8 percent, going from Rs. 235.65 to Rs. 254.4 per share, and are currently trading at Rs. 247.35.
Reason for the rise:
Reliance Power announced it has cleared all its debt owed to banks and financial institutions. At the end of Q1 FY25, the company’s consolidated net worth is Rs. 11,155 crore.
Likewise, Reliance Infrastructure Ltd., part of the Anil Ambani Group, has reduced its standalone external debt from Rs. 3,831 crore to Rs. 475 crore.
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