Shares of Anil Ambani-led Reliance Power jumped 3.5% to their day’s high of Rs 37.74 on the BSE on Wednesday as the company got relief from the Delhi High Court granting a stay on SECI notice of debarment against the company.

The Delhi High Court has stayed the Solar Energy Corporation of India’s (SECI) decision to bar Anil Ambani group company Reliance Power from participating in auctions for three years, the company said on Tuesday.

The Delhi High Court has stayed SECI's decision to bar Reliance Power from clean energy auctions for three years over a fake bank guarantee allegation.

The exception to this ruling applies to Reliance NU BESS Limited (formerly Maharashtra Energy Generation Limited), as clarified by the court.

The Delhi High Court has granted a stay on the debarment notice and public notice issued by the Solar Energy Corporation of India Limited (SECI) against a company and its subsidiaries, except for Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited).

The Delhi High Court has stayed SECI's three-year debarment of Reliance Power over allegations of a fake bank guarantee in a battery storage tender. SECI claimed the guarantee was issued by a non-existent bank branch.

On 6 November, Seci had barred Reliance Power and its subsidiary Reliance NU BESS from participating in tenders floated by the state-run entity for three years for submitting allegedly fake documents to win a contract.