The stock had soared over 60 percent in the past month, driven by strong investor sentiment following the announcement that the Anil Ambani-led company had become debt-free.

Reliance Power shares are currently trading above their 5-day, 50-day, 100-day, and 200-day moving averages, with a relative strength index (RSI) of 79, indicating overbought conditions. Read on further to find out about Anil Ambani's Reliance Power share price,

Shares of Reliance Power, led by Anil Ambani, have seen a sharp decline, hitting the 5% lower circuit for the fourth consecutive session. Currently priced at Rs 45.98, the stock is down 16% from its recent 52-week high of Rs 53.64, which was reached just last week.

Reliance Power stock was stuck in the lower circuit of 5% at Rs 48.43 in the current session against the previous close of Rs 50.97 on BSE. Market cap of the firm fell to Rs 19,454 crore

So, Bagadia expects around 33% more upside from Reliance Power shares' current market price of ₹ 46.35 apiece.

The shares of Anil Ambani-led Reliance Power shares is still on the continuous mode of their downward trend on the Indian stock market, hitting the 5 percent lower circuit for the third consecutive session.

Reliance Power said the FCCBs would be convertible into 82.30 crore equity shares of Rs 10 apiece at the conversion price of Rs 51, including a premium of Rs 41 per equity share.

Reliance Power shares hit a 5 percent lower circuit amid market sell-off. The company on October 3 announced a Rs 4,200 crore Foreign Currency Convertible Bonds (FCCBs) issuance.

The stock was hitting 5% upper circuit for the past 12 sessions, while it maintained an uptrend since September 12, rising 72% during the same period.

The board’s decision allows Reliance Power to issue FCCBs with a 10-year tenure at an ultra-low annual interest rate of 5 percent. These bonds will be unsecured and convertible into around 82.30 crore equity shares at a conversion price of Rs 51 per share, including a Rs 41 premium.