Reliance stock falls, recovers post-attack

RIL

Reliance Industries stock today recouped early losses of 2 per cent and closed marginally higher, a day after anti-corruption activist Arvind Kejriwal accused the company of pressurising the government to increase gas price although the energy major has denied the charges.

After falling 2 per cent during the day, shares of the company bounced back in the fag-end of the trade and settled at Rs 807.05, up 0.22 per cent on the BSE. At NSE also, the scrip closed at Rs 807, up 0.19 per cent.

"The Kejriwal effect was short-lived on RIL as the stock opened lower on knee-jerk reaction but, finally closed higher," Kishor Ostwal, CMD, CNI Research said.

Reliance Industries Chairman Mukesh Ambani yesterday came under attack from India Against Corruption (IAC) which alleged that the UPA and the previous NDA governments had favoured his company by giving contract on gas exploration in KG Basin and concessions at a huge cost to the exchequer.

Activists Arvind Kejriwal and Prashant Bhushan alleged that Reliance was "blackmailing" the government to increase the price of gas by "almost stopping" the production and indulging in "hoarding like petty traders".

RIL, however, refuted the charges saying the allegations were at the "behest of vested interests".

"The statements made by IAC...are devoid of any truth or substance whatsoever and are denied," the company said in a statement yesterday.

In the broader market, the BSE benchmark Sensex closed the day at 18,561.70, up 56.32 points.

Company INFO More on Reliance Industries

Stocks More on Reliance Industries

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus