Mukesh Ambani's Reliance Industries shares up 1.5 per cent

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The Reliance Industries shrugged of the allegations regarding pricing of gas. (AP) The Reliance Industries shrugged of the allegations regarding pricing of gas. (AP)
SummaryThe Reliance Industries shrugged of the allegations regarding pricing of gas.

Shares of Reliance Industries today ended 1.5 per cent higher after the company said the complaint and allegations on the basis of which the Delhi Government has ordered FIR against it are completely baseless and devoid of any merit or substance.

Reliance Industries gained today after last session's fall. The company shrugged of the allegations regarding pricing of gas.

After rising 2 per cent to Rs 821.85 in intra-day trade, Reliance Industries' scrip finally ended at Rs 817.45, up 1.48 per cent on the BSE. At the NSE, the stock settled 1.21 per cent higher at Rs 815.

In the previous session, the stock had lost over 2 per cent 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.

Terming Delhi Chief Minister Arvind Kejriwal ordering FIR against it as shocking, Reliance Industries last night said the complaints that were used to base the action are baseless and devoid of merit or substance.

"The direction of the Delhi Government to order the registration of an FIR in relation to the decision of the Union Cabinet to revise the price of gas is indeed shocking," the company said in a statement yesterday.

"The complaint and each of the allegations on the basis of which the Delhi Government has taken such action are completely baseless and devoid of any merit or substance whatsoever," Reliance Industries said.

"The allegations appear to have been made by persons who are also petitioners in the Supreme Court of India in a petition in which similar allegations have been made," it said.

Reliance Industries, said, it remains fully committed to the development of oil and gas sector in India within the parameters of law.

"The issue of gas pricing is also a contentious issue between the contracting parties being the Government of India and the Contractors," it added.

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