The Hindu Business Line : Reliance Natural stock soars, RIL tumbles

Mumbai, June 15 The share prices of Reliance Natural Resources Ltd (RNRL) and Reliance Industries Ltd (RIL) reacted strongly to the long-awaited Bombay High Court ruling in the RIL vs RNRL case.

The RNRL scrip gained 24 per cent on the Bombay Stock Exchange, while RIL’s scrip plummeted 7.5 per cent after the verdict.

RNRL shares rose sharply around 11 a.m. when the details of the verdict filtered in; the scrip moved from Rs 89-90 level to Rs 105 by 11.15 a.m.

The scrip touched an intra-day high of Rs 112.25 and finally closed at Rs 108.35.

The court verdict had an adverse impact on the RIL scrip. The share price plunged to close at Rs 2,180.45.

“RIL, on the other hand, is likely to get adversely impacted as the blended natural gas realisation for the company will come down significantly,” said a report by Angel Broking.

Both RNRL and RIL saw huge investor interest at their respective counters.

RNRL was the top traded scrip on the BSE and NSE with a combined turnover of Rs 3,704 crore; RIL’s combined turnover was the second highest at Rs 1,964 crore.

Share prices of Anil Dhirubhai Ambani Group company Reliance Power and Mukesh Ambani-led Reliance Petroleum (which have interconnected businesses) reacted in a similar manner after the court verdict.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Monsoon onset phase to be replicated again

Reliance Natural stock soars, RIL tumbles

Nomura agrees to buy 30.5% stake in LIC MF

BSNL’s GSM project faces further delay

Pranab to present Budget on July 6

RIL-RNRL dispute: Await more twists in the tale

Court directs Reliance to sell gas to RNRL at $2.34

Dr Reddy’s Laboratories to hire 1,300 this year

Reliance Petroleum (Rs 136.45): Sell

Day Trading Guide

Infosys eyes buys in Mexico, Brazil to improve operations

Signs of a global recovery