Anil Ambani ED Raid: Reliance Infra & Power Shares Crash 10% in 2 Days Over Rs. 3,000 Cr Yes Bank Loan Case

Shares of Anil Ambani led group companies, Reliance Power and Reliance Infrastructure, were locked in 5% lower circuits on Friday morning after the Enforcement Directorate (ED) conducted large-scale raids linked to a Rs. 3,000 crore money laundering investigation on Thursday, July 24.

Anil Ambani Group Stocks Crash After ED Action

The sell-off in both the stocks began after news broke of ED raids on Anil Ambani-associated premises. On the national stock exchange, Reliance Power share price slipped to Rs. 56.78, hitting the lower circuit limit of 5%. The stock had rallied over 112% between March and June 2025 before the correction set in.

Reliance Infra share price, too, plunged 5% to Rs. 341.85 with a total fall of nearly 9% over the last two sessions. The stock had earlier recovered almost 40% over the past six months, but Thursday's developments have triggered another wave of decline in the Anil Ambani stocks.

As of July 25, Reliance Power had a market cap of Rs. 23,490 crore, while Reliance Infrastructure's market cap was recorded at Rs, 13,950 crore.

ED Raids Linked to Yes Bank Loan Irregularities

According to reports, the Enforcement Directorate conducted raids at over 35 locations across Mumbai and Delhi on July 24, targeting 50 companies and 25 individuals allegedly linked to the Reliance Anil Ambani Group (RAAGA). This was a part of a broader probe into suspicious loan disbursements made by Yes Bank between 2017 and 2019.

The ED is investigating allegations that funds amounting to Rs. 3,000 crore were diverted through a network of shell companies and group entities. The operation allegedly involved bribery of top Yes Bank officials, including its former CEO Rana Kapoor, who is already under investigation in multiple financial fraud cases.

Sources suggest that companies connected to Rana Kapoor's family received large amounts of money just before major loans were approved. This has raised serious questions about whether there was a "quid pro quo," meaning something was given in return, and whether proper corporate rules were being followed.

Although the Enforcement Directorate (ED) is currently looking into a case involving Rs. 3,000 crore worth of suspicious loans, officials believe the total amount of money that may have been misused could be much higher, possibly between Rs. 20,000 and Rs. 30,000 crore. The investigation, which is based on financial records going back nearly 10 years, is now being expanded as the ED finds new documents and financial trails, including possible links to hidden assets abroad, as per reports.

Reliance Group Denies Any Operational Impact

Both Reliance Power and Reliance Infrastructure issued public statements on July 24 in response to media reports and investor concerns, clarifying that the ongoing ED probe has no connection to their current business operations.

"The said actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure," said the company, distancing itself from Reliance Communications (RCOM) and Reliance Home Finance (RHFL)-entities at the centre of the investigation.

Reliance Power issued a similar statement, noting that Anil Ambani is not on the board and that the company has no business or financial linkage to RCOM or RHFL.

"Any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Power," it added.