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The return to profitability and the deleveraging at Reliance Power and Reliance Infra are not what they’re cracked up to be. Plus, as their promoter, his past continues to haunt the two surviving group companies.

High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
The RBI’s unusually harsh order raises deeper questions about management credibility—and whether investors should take assurances at face value.