RIL adds Rs7,500 cr to mktcap, ADAG loses Rs9,000 cr

RIL adds Rs7,500 cr to mktcap, ADAG loses Rs9,000 cr

Mumbai: Market valuation of Reliance Industries on Monday swelled by Rs7,500 crore, even in an overall depressed market, while Anil Ambani Group (ADAG) companies saw a combined erosion of over Rs9,000 crore.

Shares of RIL jumped to a high of Rs1,060 after the Supreme Court gave its verdict in the gas pricing and supply dispute between Mukesh Ambani-led RIL and Anil Ambani’s RNRL. RIL shares closed 2.27% higher at Rs1,033.85 on the BSE.

The market capitalisation of Reliance Industries, the country’s most valued firm, went up by Rs7,500 crore to settle at Rs3,38,085 crore, compared to Rs3,30,580.3 crore yesterday.

However, the shares of the ADA Group tanked on the bourses, leading to a sharp decline in their combined marketcap to the tune of Rs9,000 crore.

The top losers among the ADA group in terms of marketcap were Reliance Power, which lost Rs3,307 crore, and RNRL, with its valuation dwindling by Rs2,547 crore in a single day.

Market cap of Reliance Power fell to Rs33,579 crore at the end of trade on Friday from Rs36,886.75 crore on Thursday.

RNRL, whose shares plunged by nearly 23%, saw its marketcap plunge to Rs8,614.76 crore from Rs11,162.44 crore on Thursday.

The share price of other ADA group firms declined as well, including Reliance Infrastructure (lost Rs1,660 crore), Reliance Communication (Rs867.5 crore), Reliance Capital (Rs637 crore) and Reliance MediaWorks (Rs60 crore).

The Supreme Court on Monday ruled that government has the last word on pricing and utilisation of natural gas.