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RIL scrip overcomes concerns over IAC charges, closes up

Last Updated: Thursday, November 1, 2012 - 18:29

Mumbai: Shares of RIL Thursday recouped early losses of 2 percent 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 percent 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 percent on the BSE. At NSE also, the scrip closed at Rs 807, up 0.19 percent.

"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 Thursday.

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

PTI

First Published: Thursday, November 1, 2012 - 18:29
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