Shares of Reliance Industries fell by over 2% today after Sebi banned the company and 12 others from equity derivatives trading for one year.
At 1:50 pm, the stock, after making a weak opening, lost 2.78% to Rs 1,250.50 on BSE.
At NSE, shares of the company went down by 2.89% to Rs 1,249.55.
Sebi on Friday banned Reliance Industries and 12 others from equity derivatives trading for one year and directed the Mukesh Ambani-led firm to disgorge nearly Rs 1,000 crore for “unlawful gains” made through alleged fraudulent trading in a nearly 10-year-old case.
Reliance Industries Ltd (RIL) said it will challenge the order before the Securities Appellate Tribunal and termed Sebi directions as “unjustifiable sanctions”.
After finding that RIL made unlawful gains, Sebi has asked the company to disgorge Rs 447 crore, along with an annual interest of 12 per cent since November 29, 2007, which itself would be more than Rs 500 crore, taking the total disgorgement amount to nearly Rs 1,000 crore.
The case relates to alleged fraudulent trading in the futures and options (F&O) space in the securities of RIL’s erstwhile listed subsidiary Reliance Petroleum Ltd (RPL).