RNRL Shares Down to One-Year Low; RIL Gain
In the wake of Supreme Court’s ruling in a gas dispute case with Reliance Industries, the shares of Anil Ambani owned Reliance Natural Resources Ltd (RNRL) continued to fall on Monday, coming down to 9.47 per cent to touch a one year-low of Rs 47.75 on the BSE, said media reports.
On Friday, the shares of RNRL had plunged to 22.82 per cent to Rs 52.75 after the apex court dismissed company’s plea for cheaper gas from Mukesh Ambani-led Reliance Industries Limited (RIL), citing that the government had the sovereign right on price and utilisation of fuel.
The shares went down nearly 10 per cent on the National Stock Exchange, falling to Rs 47.50, reports said.
According to reports, a total of 4.27 crore shares of RNRL changed hands on the two bourses in morning trade.
On the other hand, shares of Mukesh Ambani owned Reliance Industries Ltd went up by 2.38 per cent to a high of Rs 1,058.50 on the BSE, said reports.
Reports said that the gain in heavyweight RIL helped boost investors sentiment and the benchmark Sensex was trading up 1.44 per cent, or 242.17 points, at 17,011.28 points at 1030 hrs.
The government has already fixed the price of gas from RIL’s KG-D6 fields at USD 4.20 per mmBtu, compared to the USD 2.34 per mmBtu sought by Anil Ambani group firm RNRL.
