Delhi High Court grants stay on SECI's debarment notice against Reliance Power; shares zoom

Reliance Power, part of Reliance Group led by top businessman Anil Ambani, said on Tuesday that the Delhi High Court has granted a stay on Solar Energy Corporation of India's notice of debarment against it, including all its subsidiaries, except Reliance NU BESS (formerly known as Maharashtra Energy Generation Ltd). The news sent the Reliance Power stock getting locked in its five per cent upper circuit at Rs 36.5 apiece on BSE before closing at the same level.

The Delhi High Court granted the stay during its hearing of the matter held during the day. 

Reliance Power informed the exchanges during market hours on Tuesday.

The stock of Reliance Infrastructure—traded with the symbol RELINFRA on stock exchanges BSE and NSE—also surged, closing higher by Rs 13, or 5.0 per cent, at Rs 272.4 apiece on BSE.

Earlier, Reliance Power challenged SECI's notice of debarment and public notice in the high court in the national capital. 

ALSO READ: Reliance Power subsidiary prepays Rs 485 crore debt owed to Singapore-based Varde Partners, becomes zero-debt company

Reliance Power is among the country's major private sector power generation and coal resources companies. It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy.

Reliance Power—part of the Reliance Group also known as the Reliance ADA group—has a commissioned portfolio of 5,300 megawatts.

Reliance Power shares have rewarded investors handsomely for the past few months. 

As of November 26, the Reliance Power stock has rallied as much as 74 per cent in one year, sharply outperforming the headline Nifty50 index's 21.6 per cent gain. 

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