Reliance Power shares hit one-year high before 5% drop on stock market
livemint.com — October 4, 2024, 08:00 AM UTC
Reliance Power shares reached a one-year high of ₹54.25 after an 80% gain in a month. However, the stock hit a 5% lower circuit limit, dropping to ₹50.97 on the BSE and ₹50.95 on the NSE. The company has seen a total increase of over 170% in the past year. Reliance Power recently approved a plan to raise up to $500 million through foreign currency convertible bonds to support its financial strategy. Additionally, Reliance Power settled ₹3,872.04 crore in debt related to its former subsidiary, Vidarbha Industries Power Limited. The company now reports zero debt from banks and financial institutions.