BIG relief to Anil Ambani, as Reliance Power share price hits 5% upper circuit after...

After the Solar Energy Corporation of India (Seci) withdrew its order prohibiting the business from participating in renewable energy tenders, the share price of Reliance Power opened on the BSE on Wednesday, December 4, at a 5% upper circuit of Rs 41.07. 

On Tuesday, December 3, the price of Reliance Power's shares closed 1.03% higher on the BSE at Rs 39.12.

A week after the Delhi High Court granted a stay on the company's debarment, except for its subsidiary Reliance NU BESS, the Seci retracted its ruling prohibiting Anil Ambani-owned Reliance Power from renewable energy tenders, as per Mint report.

When the Anil Ambani firms submitted allegedly fraudulent documents in a June Seci tender seeking bids for a 1,000 MW/2,000 MWh standalone battery energy storage systems (BESS) project, the ban was put in place last month. The tender process was subsequently cancelled.

Reliance Power entered the renewable energy and storage market in September when it won a bid from Seci for the BESS project through an e-reverse auction. In an online auction known as an e-reverse auction, vendors vie for a buyer's business by putting in bids that progressively drop in price.

Reliance Power entered the renewable energy and storage market in September when it won a bid from Seci for the BESS project through an e-reverse auction. In an online auction known as an e-reverse auction, vendors vie for a buyer's business by putting in bids that progressively drop in price.