Reliance Power has dipped 4% to Rs 121 in morning trades on reports that the Southern Power Distribution Company of Andhra Pradesh (APSPDCL) has issued termination notice to its arm Coastal Andhra Power Limited (CAPL), for 'abandoning' the construction of the 4,000 MW Ultra Mega Power Project at Krishnapatnam in Nellore district.
“In a notice to CAPL, the APSDCL, which is the main procurer of the power from the Krishnapatnam power project, demanded payment of penalty of Rs 400 crore for its failure to adhere to the power purchase agreement (PPA) norms," the report suggests.
A combined 2.1 million shares have changed hands on the counter so far on the NSE and BSE.
