On Monday, shares of Anil Dhirubhai Ambani Group (ADAG) companies, including Reliance Home Finance and Reliance Power, continued to fall sharply following regulatory action against Anil Ambani and several executives from Reliance Home Finance. Reliance Home Finance’s share price hit the 5% lower circuit limit, and Reliance Power also opened at its 5% lower circuit limit. Additionally, Reliance Infrastructure saw a decline of over 1%, while Reliance Communication’s share price fell by 5%.
Trading in two other ADAG stocks—Reliance Capital and Reliance Naval and Engineering—was suspended for the day.
The decline in ADAG stocks follows a recent order by the Securities and Exchange Board of India (SEBI), which imposed a five-year ban on Anil Ambani and 24 others, including former senior executives of Reliance Home Finance. The ban, issued on August 22, is due to their involvement in the alleged misdirection of company funds.
SEBI’s order also included a fine of ₹25 crore on Anil Ambani and restricted his ability to participate in the Indian securities market, including prohibiting him from serving as a director or Key Managerial Personnel (KMP) in any listed company. SEBI’s investigation found that Ambani orchestrated a scheme to divert funds from Reliance Home Finance, a listed subsidiary of the Reliance Group.
In response, Anil Ambani stated that he is reviewing SEBI’s order and will take appropriate legal action as advised. His spokesperson noted that Ambani had already resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd following SEBI’s interim order dated February 11, 2022, related to Reliance Home Finance Ltd. The spokesperson emphasized that Ambani has been in compliance with this interim order for the past two and a half years.
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“Hugged, Kissed Me”: Malayalam Actor Alleges Sexual Abuse by Co-Stars
In a recent revelation, Malayalam film actor Minu Muneer accused prominent actors M Mukesh and Jayasurya of sexual harassment. These allegations emerge amid ongoing scrutiny in the Malayalam film industry following the Justice K Hema Committee’s report detailing harassment and abuse.
The accusations come on the heels of director Ranjith and actor Siddique resigning from their positions in the Association of Malayalam Movie Artists (AMMA) due to similar claims.
In a Facebook post and an interview with NDTV, Muneer alleged that she was subjected to both physical and verbal abuse by four actors—Mukesh, Maniyanpilla Raju, Idavela Babu, and Jayasurya—during the filming of a 2013 movie.
Muneer recounted an incident where, after using the restroom on set, Jayasurya hugged her from behind and kissed her without her consent, offering her more work in exchange for a personal relationship. She also described an encounter with Idavela Babu, who invited her to his apartment under the guise of discussing AMMA membership, only to physically abuse her.
Additionally, Muneer claimed that Mukesh, a member of the ruling CPI(M) and a legislator, refused her AMMA membership after