Reliance Infra fall on reports about power tariff cut

Shares in power producers declined on media reports that the state government in Maharashtra is planning to cut power tariffs.

A business newspaper reported on Monday that Narayan Rane, the State Industries Minister, said a decision would be announced in eight days and the group of ministers set up by the government under Rane recommended that electricity tariff be cut by around 15 per cent.

The cut would be only for farmers, domestic consumers and small businesses consuming less than a set amount of electricity, the paper said.

Tata Power fell 1.7 per cent, while Reliance Infrastructure declined 1.3 per cent.

A likely cut in power tariff in Maharashtra comes days after the ruling Aam Aadmi Party’s push in Delhi to cut power tariff in the state.