The Supreme Court verdict on the gas dispute between RIL and RNRL on Friday hit market capitalisations of companies owned by both the brothers. While ADAG (Anil Dhirubhai Ambani Group) companies took a hit of Rs 9230 crore in its market capitalisations, Mukesh ambani group gained Rs 7504 crore.

The RIL scrip rose 2.27% while RNRL?s scrip was down 22.8%; volumes increased significantly at both these counters. Scrips of ADAG companies dipped with Reliance MediaWorks, Reliance Infrastructure and Reliance Power slipping 6.5%, 7.01% and 8.9%, respectively. The m-cap of the Mukesh Ambani group companies rose to 3.39 lakh crore from 3.31 lakh crore the previous day while that for ADAG companies sunk from Rs 1.24 lakh crore to Rs 1.15 lakh crore. Interestingly, ever since the fight broke out between the two brothers, mcap of ADAG group of companies has corrected more than that of Mukesh ambani group from its peak. While it fell 41% for Mukesh ambani, it was 66% for ADAG group. In the derivatives market, RNRL May futures contract slipped into discount (to its spot prices) on Friday with significant rise in open interest indicating fresh build up of short position in the stock. The RNRL May futures ended the day at Rs 51.50 as compared to the spot price of Rs 52.65. Previously on Thursday, the futures contract had closed at a premium of Rs 0.25. The open interest positions in May futures contract increased by 20%.

?There were lots of short positions created on RNRL futures contract. Since the overall sentiments towards the stock is negative at the moment, investors are expected to further sell futures contract at any slight increase in share prices,? said TS Harihar, head of institutional derivatives at ICICI Securities. The verdict, which was largely in favour of RIL, has asked companies to renegotiate the gas price within the ambit of the PSC over the next 6 weeks.

?There will be a slight valuation uptick for RIL but it won?t have any significant financial implications till FY12. That?s because it was assumed that even if RNRL would have won, the gas supplies would have commenced only from 2014,? said Deepak Pareek, research analyst, Angel Broking. On the other hand, RNRL?s business model is being called into question post the SC verdict. Analysts therefore feel that RNRL scrip would continue to trade in the negative territory going forward.