Reliance Infrastructure and Tata Power fell by 1.16% and 4.69%, respectively at 14:14 IST, declining for second day in a row after the Delhi government on 1 January 2014 ordered CAG audit of their finances.
Reliance Infrastructure (down 1.16%) and Tata Power (down 4.69%), edged lower.
The S&P BSE Sensex was down 85.43 points, or 0.41% at 20,802.90.
On Thursday, 2 January 2014, Reliance Infrastructure fell 3.90% and Tata Power fell 3.27%.
Shares of Reliance Infrastructure had underperformed the market over the past one month till 2 January 2014, falling 3.60% compared with the Sensex's 0.05% fall. The scrip had, however, outperformed the market in past one quarter, rising 11.09% as against Sensex's 7.03% rise.
Shares of Tata Power had outperformed the market over the past one month till 2 January 2014, rising 9.32% compared with the Sensex's 0.05% fall. The scrip had also outperformed the market in past one quarter, rising 12.05% as against Sensex's 7.03% rise.
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Rejecting the contention of private power distributors, the Delhi government on 1 January 2014 ordered a CAG audit of their finances. Delhi Chief Minister Arvind Kejriwal had early this week announced that the power tariffs in Delhi will be slashed by 50% for up to 400 units. The Delhi government will provide the subsidy and the money will be directly paid to the distribution companies. The cut in electricity tariffs, part of the AAP manifesto for the 4 December state assembly election, will entail a cost of Rs 61 crore over next three months.
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