Reliance Power shares drop 4% ahead of board meeting on funding plans

Reliance Power shares dropped 4.33% to Rs 44.35 ahead of a board meeting on October 3. The meeting will discuss raising long-term funds through equity shares and other securities, including potential preferential issues and qualified institutional placements. The stock had recently surged 44% over two weeks but fell on Monday as investors reacted to the upcoming meeting. Reliance Power aims to expand its renewable energy portfolio and meet working capital needs with funds raised. The company reported zero debt and a net worth of Rs 11,155 crore as of June 30, following the resolution of disputes with CFM Asset Reconstruction.