Bad news for Anil Ambani as this company's shares decline by 5% due to...; market cap reaches Rs...

Reliance Power, led by Anil Ambani, had seen significant growth in the past few months, which led to a hike in its share price. However, after a bull run, shares of the Ambani-led firm plunged 5 per cent at Rs 63.63 apiece on Tuesday, June 17, extending losses for the fourth consecutive session. The share has dropped nearly 17 per cent in the past four sessions now, after a significant bull run. RPower shares gained nearly 70 per cent in the past one month. However, investors may have now booked profits, causing the decline in the share price. The market cap of Reliance Power now stands at Rs 26242 crore, as of June 17.

Despite the recent decline, the stock is still a whopping 147 per cent higher than its 52-week low of Rs 25.75, which it had hit on July 23 last year, MoneyControl reported. Last month on May 28, Reliance Power had announced that its subsidiary Reliance NU Energies has received a Letter of Award (LOA) for a 350 MW inter-state transmission system (ISTS)-connected solar power project coupled with a 175 MW/700 MWh Battery Energy Storage System (BESS) from Navratna state-run SJVN.

Reliance NU Energies had earlier emerged as the successful bidder in the auction for the project, with a fixed tariff of Rs 3.33/kWh for a period of 25 years. "The project was part of a larger 1,200 MW solar + 600 MW/2,400 MWh BESS tender, which attracted participation from 19 developers, with 18 qualifying for the final e-reverse auction. The tender was oversubscribed by more than 4 times, reflecting heightened industry interest in dispatchable renewable energy solutions," the company said.

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Share market on June 17

Benchmark indices Sensex and Nifty closed lower on Tuesday amid profit-booking after a sharp rally in the previous session as investors turned cautious in view of the ongoing conflict between Israel and Iran. Besides, investors preferred to stay on the sidelines due to rising global crude oil prices and the upcoming US Fed interest rate decision later this week, according to experts. The 30-share BSE Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. During the day, it dropped 369.14 points or 0.45 per cent to 81,427.0