RIL down over 2% after Delhi govt files case against Ambani
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RIL down over 2% after Delhi govt files case against Ambani

Last Updated: Tuesday, February 11, 2014, 18:12
 
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RIL down over 2% after Delhi govt files case against Ambani
Mumbai: Shares of Reliance Industries Ltd on Tuesday fell by over 2 percent after the Delhi Government ordered filing of criminal cases against its chief Mukesh Ambani and others, following complaints of irregularities in pricing of natural gas in KG basin.

After falling 2.26 percent to Rs 803 in intra-day trade, RIL's scrip finally ended at Rs 805.50, down 1.96 percent on the BSE.

At the NSE, the scrip closed 2.21 percent lower at Rs 803.75.

Delhi Government today ordered filing of criminal cases against Union minister Veerappa Moily, former minister Murli Deora, Reliance Industries chief Mukesh Ambani and others following complaints of irregularities in pricing of natural gas in KG basin.

Chief Minister Arvind Kejriwal said the Anti Corruption Branch (ACB) of Delhi Government has been asked to probe the matter based on a complaint filed by former Cabinet Secretary TSR Subrmanian, Admiral Tahiliani, former Navy Chief and eminent lawyer Kamini Jaiswal besides a former Expenditure Secretary.

"Today we have asked the ACB to probe the case. We are filing a criminal case against Murli Deora. FIRs are being filed against Moily, Mukesh Ambani former DG of Hydrocarbons V K Sibal, Reliance Industries Ltd and others," he said addressing a press conference in New Delhi.

Without explaining whether Delhi Government has jurisdiction to probe the case, Kejriwal alleged that Reliance Industries Ltd was benefited as Oil Ministry decided to hike the natural gas price to USD 8 per million British thermal unit as against current USD 4.2 from April 1.

He alleged that RIL did not produce adequate gas from eastern offshore KG basin block so as to put pressure on the government to hike the price.

Reliance Industries Ltd declined to comment.

Fall in the bellwether stock was the biggest dampener for the broader market that closed on a flat note, with the benchmark Sensex ending at 20,363.37, up 29.10 points.



PTI

First Published: Tuesday, February 11, 2014, 18:12


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