RIL gains 3%, RNRL plunges 10% on SC verdict1 min read . Updated: 07 May 2010, 11:18 AM IST
RIL gains 3%, RNRL plunges 10% on SC verdict
Mumbai: Shares of Reliance Industries bounced back from the day’s low gaining 3%, while RNRL plunged nearly 10% on the BSE after the Supreme Court delivered its verdict.
Shares of RIL gained over 3% to a high of ₹ 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% to a low of ₹ 60 on the Bombay Stock Exchnage (BSE).
On the volume front RNRL shares worth over ₹ 6 crores changed hands while trading in RIL shares was worth over ₹ 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 ₹ 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 $2.34 per mmBtu, 44% 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 $4.20 per mmBtu as set by the government and to customers other than those identified in accordance with the Gas Utilisation Policy (GUP).