RIL down 2 pc, RNRL soars 5 pc ahead of gas dispute verdict | business | Hindustan Times
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RIL down 2 pc, RNRL soars 5 pc ahead of gas dispute verdict

business Updated: May 07, 2010 10:42 IST

Shares of Reliance Industries on Friday skidded nearly two per cent, while ADAG firm RNRL gained over five per cent on the BSE, ahead of an expected Supreme Court verdict on the gas supply dispute between the two firms.

Shares of Mukesh Ambani-led RIL, the country's most valued firm, fell on Friday below the Rs 1,000-mark in the morning trade losing Rs 17 a share or 1.65 per cent to Rs 997.95.

This is the sixth consecutive day of decline in the company's share, which led to a over two per cent slide in RIL scrip. RIL currently has a valuation of Rs 3.27 crore.

Meanwhile, shares of Reliance Natural Resources (RNRL) gained 5.36 per cent to a high of Rs 71.95.

The company recorded the biggest monthly gain in April in almost a year as the market was awaiting the court verdict for the settlement of the gas dispute between the two companies.

The stock market today opened sharply lower with a 267- point dip on the benchmark Sensex in early morning trade.

"The decline in the market was mainly driven by the decline in the index heavyweights, including RIL. Weak global markets also contributed to the decline," Angel broking Oil and Gas Analyst Deepak Pareek said.