Shares of Reliance Industries skidded nearly two per cent, while ADAG firm RNRL gained over five per cent on the BSE, ahead of an expected Supreme Court verdict on the gas supply dispute between the two firms.
Shares of Mukesh Ambani-led RIL, the country’s most valued firm, today fell below the Rs 1,000-mark in the morning trade losing Rs 17 a share or 1.65 per cent to Rs 997.95.
This is the sixth consecutive day of decline in the company’s share, which led to a over two per cent slide in RIL scrip. RIL currently has a valuation of Rs 3.27 crore.
Meanwhile, shares of Reliance Natural Resources (RNRL) today gained 5.36 per cent to a high of Rs 71.95.
The company recorded the biggest monthly gain in April in almost a year as the market was awaiting the court verdict for the settlement of the gas dispute between the two companies.
The stock market today opened sharply lower with a 267- point dip on the benchmark Sensex in early morning trade.
“The decline in the market was mainly driven by the decline in the index heavyweights, including RIL. Weak global markets also contributed to the decline,” Angel broking Oil and Gas Analyst Deepak Pareek said.
The dispute between Reliance Industries and RNRL, the companies led by billionaire brothers Mukesh Ambani and Anil Ambani respectively, is over supply of 28 million cubic meter of gas a day to RNRL by RIL.
RNRL is seeking gas from RIL’s KG-D6 gas fields at USD 2.34 per mmBtu, 44 per cent lower than the government set price, for its proposed 7,800 MW power plant at Dadri.
While, RIL’s contention is that it cannot sell gas at a price less than USD 4.20 per mmBtu as set by the government and to customers other than those identified in accordance with the Gas Utilisation Policy (GUP).
Besides, another Mukesh Ambani group entity Reliance Industrial Infrastructure Ltd (RIIL) fell 1.46 per cent. RIIL declined 1.46 per cent to Rs 786.40.
Anil Ambani group firm Reliance Power was trading in the green, while other three group firms were trading in the red.
Reliance Power was up 0.49 to Rs 154.65, while group entities - Reliance Capital was down 2.15 per cent, Reliance MediaWorld (1.63 per cent), Reliance Communications (1.40 per cent) and Reliance Infra (0.11 per cent).