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BW Businessworld

Power Stocks Gain After Delhi CM Kejriwal Quits

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Shares of power companies gained after activist-turned-politician Arvind Kejriwal resigned as chief minister of Delhi on Friday (14 February), frustrated by obstacles put in the way of an anti-corruption bill.

Reliance Infrastructure Ltd gained 0.4 per cent, while Tata Power Company Ltd was up 2.6 per cent.

Kejriwal was elected in part on a promise of lowering electricity tariffs for millions of Delhi's voters and in December had asked the state auditor to look into the accounts of power distribution companies to see if they were profiteering.

The Delhi government had asked the region's power regulator to revoke the licences of two electricity distributors if they fail to supply power, drawing criticism from the companies.

Billionaire Anil Ambani's Reliance Infrastructure runs two electricity distribution companies in the national capital in a joint venture with the Delhi government.

(Reuters)