Anil Ambani group stocks Reliance Power, Reliance Infra rally 5%. Here’s what’s unfolding

Shares of Anil Ambani’s Reliance Power and Reliance Infrastructure jumped as much as 5% on Tuesday, rebounding from steep recent losses even as investors weighed fresh legal challenges and weak technical indicators against recent contract wins and modest earnings recoveries. Reliance Power climbed to Rs 47.90 on the BSE, while Reliance Infrastructure advanced to Rs 260.

The gains come after both stocks shed nearly 30% over the past three months, erasing much of the optimism that greeted Ambani’s corporate comeback earlier this year. Over the past year, Reliance Power has remained higher by 52% and Reliance Infra by 20%, but that is a sharp comedown from May peaks, when the two had rallied 173% and 141% respectively over 12 months.