RIL gains 3 p.c., RNRL plunges 10 p.c. on SC verdict

May 07, 2010 12:13 pm | Updated November 28, 2021 09:01 pm IST - Mumbai

Shares of Reliance Industries bounced back from the day’s low gaining 3 per cent, while RNRL plunged nearly 10 per cent on the BSE after the Supreme Court delivered its verdict.

Shares of RIL gained over 3 per cent to a high of Rs 1,045.80. The gain reversed the losses on the counter for six straight days in line with the decline in global markets.

Shares of Anil Ambani group firm Reliance Natural Resources tanked 12.21 per cent to a low of Rs 60 on the Bombay Stock Exchnage (BSE).

On the volume front RNRL shares worth over Rs 6 crores changed hands while trading in RIL shares was worth over Rs four crore.

The RNRL counter had clocked the best monthly gain in April in over a year on anticipation of the Supreme Court verdict.

RIL shares, which dipped below the Rs 1,000-level in the morning trade, recovered after the SC started delivering verdict on the year-long gas dispute between the two brothers.

Heavyweight RIL’s gains also helped the Sensex recover 118 points. The benchmark is now down 149 points at 16,838.17.

The dispute between Reliance Industries and RNRL, the companies led by billionaire brothers Mukesh Ambani and Anil Ambani, 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).

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.