Reliance Power shares fell over 5% after getting debarred from SECI

Shares of Reliance Power Ltd fell by 5 percent on Friday after the company and Reliance NU BESS Ltd were banned from participating in tenders by the Solar Energy Corporation of India Ltd (SECI) for three years. This ban was due to allegations of submitting "fake documents."

The stock plummeted by 4.99 percent to Rs 41.47, reaching its lower circuit limit on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), shares of the firm declined by 5 percent, hitting the lowest permissible trading limit for the day at Rs 41.58.

As per noted, Reliance Power Ltd and Reliance NU BESS Ltd have been debarred from participating in SECI tenders for three years for allegedly submitting "fake documents", as per an official document. In a note, SECI said, "Based on the examination of documents submitted by Maharashtra Energy Generation, now known as Reliance NU BESS (for a project), it was discovered that as per the tender requirements, the endorsement of the Bank Guarantee against EMD (issued by a foreign Bank), as submitted by the Bidder, was fake.

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The issue is related to the RfS issued by SECI for setting up 1000 MW/2000 MWh Standalone BESS Projects under tariff-based competitive bidding.

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