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HindustanTimes Wed,16 Apr 2014

Ambani's statement boosts Reliance group shares

Press Trust of India, PTI  New Delhi, November 25, 2004
First Published: 18:03 IST(22/11/2004) | Last Updated: 12:31 IST(25/11/2004)
Shares of Reliance group companies recovered in late trading on Monday with company chairman Mukesh Ambani making clear his statement on the "ownership issues", which lifted the Sensex from the day's low of 5877.97 points to end at 5963.80, a marginal gain of 2.09 points.

The market commenced on a weak note and remained volatile throughout the day on brisk trading by funds till Ambani's clarification came in.

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Ambani said his remarks on ownership issues were "torn out of context" and clarified that "Dhirubhai Ambani had settled all ownership issues pertaining to Reliance during his lifetime".

Media reports of some 'disagreement' between the Ambani brothers pushed down Reliance group company shares on Friday and in early trade on Monday.

However, following the clarification, the index-heavy Reliance Industries stocks were up 1.07 per cent at Rs. 532.80, recovering from an early low of Rs. 509.20.

Reliance Energy, a private major in power sector, dipped to the day's low at Rs. 581, but recovered to Rs. 605.55, still down 2.44 per cent. The two stocks make up about 14 per cent of the benchmark Sensex.

Reliance Capital was notably higher by Rs. 7.55 or 5.48 per cent at Rs. 145.25 on late buying by funds. It touched the day's high of Rs. 152 and low at Rs. 130.

Shares of Indian Petrochemicals Limited (IPCL) were down at Rs. 176.50 in early trading but recovered to close at Rs. 186.50, still revealing a moderate loss of Rs. 2.20.

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