Reliance Power Hits 5% Upper Circuit After Solar Energy Corporation Withdraws Debarment Notice
Shares of Reliance Power surged by 5% on the Bombay Stock Exchange (BSE) on Tuesday, hitting the upper circuit limit, following the news that the Solar Energy Corporation of India (SECI) has withdrawn its debarment notice against the company. The move comes as a significant relief for Reliance Power, which had been under scrutiny for alleged violations related to its solar power projects. Earlier this year, SECI had issued a debarment notice to Reliance Power, effectively barring the company from participating in future solar energy tenders. However, after a series of negotiations and clarifications provided by Reliance Power, SECI decided to retract the notice, allowing the company to resume its participation in solar energy projects. The decision has been seen as a major boost for Reliance Power, which has been focusing on expanding its renewable energy portfolio. The company's shares, which had been under pressure due to the uncertainty surrounding the debarment issue, saw a s...