Reliance Power shares hit 5% upper circuit as Anil Ambani-led firm settles bank dues

Shares of Reliance Power jumped 5% on Wednesday to the day’s high of Rs 23.83 on the BSE following reports that the Anil Ambani-led company settled the debts owed to three banks – ICICI Bank, Axis Bank, and DBS Bank – last week while its parent Reliance Infrastructure is working towards settling dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company.

The stock hit its 5% upper circuit while witnessing a 1.47 times spurt in the volumes on India’s oldest exchange.