Reliance Infrastructure Ltd. shares extended their winning streak for a third consecutive trading session on Wednesday, rising nearly 5% intraday. The latest gains have taken the stock's rally to around 15% over the past three sessions, making it one of the top-performing infrastructure stocks in recent trade. According to latest reports, the stock was trading at ₹69.49 apiece on NSE around 9.48 am, against its previous close at ₹66.19. The sustained momentum suggests that investors have largely looked past the recent legal developments and remained focused on the stock's positive momentum.
The CBI registered an FIR on Saturday against Reliance Capital's Chairman Anil Ambani, alleging that he, along with unknown public servants and other anonymous figures, had caused a wrongful loss of ₹1,007 crore. As reported by Essential Business Intelligence, the offences included criminal conspiracy, cheating, criminal breach of trust and criminal misconduct. The investigation also alleged an interest liability of ₹808.67 crore in connection with the alleged fraud. The FIR was registered based on a written complaint filed by the Employees' Provident Fund Organisation (EPFO), which functions under the Ministry of Labour and Employment.
Despite the serious allegations, shares of the small-cap stock climbed 5% in early trade on Monday, with the stock hitting the 5% upper circuit in early trade. According to Essential Business Intelligence, investors demonstrated buying interest in the stock even after the legal developments. The latest rally began on Monday, when investors accumulated the stock even as the Central Bureau of Investigation registered the FIR against Anil Ambani. The sustained gains over the past three sessions suggest that investors have largely looked past the recent developments and remained focused on the stock's momentum, with the buying coming despite the CBI action against the company's leadership.
