Reliance Industries shares stage comeback after Arvind Kejriwal orders FIR against Mukesh Ambani

Feb 12 2014, 12:55 IST
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Reliance Industries has termed Delhi CM Arvind Kejriwal ordering FIR against Mukesh Ambani and RIL as shocking. Reliance Industries has termed Delhi CM Arvind Kejriwal ordering FIR against Mukesh Ambani and RIL as shocking.
SummaryReliance Industries stock rises after Arevind Kejriwal govt' orders FIR against company chairman.

Shares of Reliance Industries (RIL) today rose by nearly 2 per cent 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.

RIL's scrip gained 1.91 per cent to Rs 820.90 on the BSE.

On the NSE, the bellwether stock went up by 1.93 per cent to Rs 820.80.

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," RIL 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.

RIL, 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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