Power, PSU bank stocks trade weak as Allahabad HC refuses interim relief

REC, PFC, Adani Power, Tata Power and GMR Infrastructure were down in the range of 1% to 4% on the BSE.

Shares of power and power finance companies were trading lower by up to 2% in an otherwise strong market after the Allahabad High Court refuses interim relief to power firms from Reserve Bank of India (RBI) directions.

Rural Electrification Corporation (REC), Power Finance Corporation (PFC), Adani Power, Tata Power and GMR Infrastructure were trading lower in the range of 1% to 4% on the BSE.  On comparison, the S&P BSE Sensex hit a new high of 38,920 in early morning trade, was up 0.31% at 38,813 at 09:34 am. These stocks had rallied up to 7% on Monday, ahead