Reliance Power shares drop 5% after it gets debarred from SECI for 3 yrs

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Reliance Power shares drop 5% after it gets debarred from SECI for 3 yrs - Business Standard

Quick Summary:

Shares of Reliance Power Ltd fell by 5 per cent on Friday as the company and Reliance NU BESS Ltd have been debarred from participating in Solar Energy Corporation of India Ltd (SECI) tenders for three years for allegedly submitting "fake documents".The stock tanked 4.99 per cent to Rs 41.47 -- its lower circuit limit -- on the BSE.

In a note, SECI said, "Based on the examination of documents submitted by Maharashtra Energy Generation, now known as Reliance NU BESS (for a project), it was discovered that as per the tender requirements, the endorsement of the Bank Guarantee against EMD (issued by a foreign Bank), as submitted by the Bidder, was fake".

The issue is related to the RfS issued by SECI for setting up 1000 MW/2000 MWh Standalone BESS Projects under tariff-based competitive bidding.