- By Aditya Pratap Singh
- Wed, 13 Nov 2024 12:27 PM (IST)
- Source:JND
Reliance Power Share Price: The Share Price of Anil Ambani-led Reliance Power fell over 4.5% on Wednesday despite the company having announced a big jump in its net profit for the July-September quarter. At around 12:02 pm, Reliance Power shares were trading at Rs 36.50, down, 4.90 per cent against the previous day's closing value.
The recent fall in the power stock is led by the decision of Solar Energy Corporation Of India to restrict Reliance Power and its subsidiaries from placing bids for projects for three years. The stock plunged over 10% this week, following the lower circuit on Friday and Monday.
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Reliance Power Posts Rs 2,878.15 crore profit
Reliance Power posted a consolidated net profit of Rs 2,878.15 crore for the July-September quarter of the current fiscal. The company posted a net loss of Rs 237.76 crore for the quarter ended September 30,
In the quarter under review, the company’s total income declined to Rs 1,962.77 crore from Rs 2,116.37 crore in the corresponding period a year ago. 3,230.42 crore in the deconsolidation of a subsidiary, the company said in a regulatory filing on Tuesday.
Last Week Reliance Power Shares Were Soaring
Last week Reliance Power was hitting the upper circuit following its subsidiary Rosa Power repaired all its debt and became debt-free. The shares touched the level of Rs 45.76 per share. However, the rally did not last long. The shares plunged 5% to hit a lower circuit on Friday last week and from then it has been on a downward trend.