RNRL shares plunge 9.47 pc to one-year low | business | Hindustan Times
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RNRL shares plunge 9.47 pc to one-year low

business Updated: May 10, 2010 11:42 IST
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Reliance Natural Resources Ltd (RNRL) today continued to slide, falling 9.47 per cent to touch a one year-low of Rs 47.75 on the BSE, after the Supreme Court ruled against the company in a gas dispute with Reliance Industries.

Shares of Anil Ambani Group RNRL had plunged 22.82 per cent to Rs 52.75 on Friday, after the Supreme Court rejected the company's plea for cheaper gas from Mukesh Ambani-led Reliance Industries Limited (RIL), saying the government had the sovereign right on price and utilisation of fuel.

On the National Stock Exchange, the stock fell to Rs 47.50, down nearly 10 per cent.

A total of 4.27 crore shares of RNRL changed hands on the two bourses in the morning trade.

Shares of Reliance Industries Ltd, however, surged 2.38 per cent to a high of Rs 1,058.50 on the BSE.

The gain in heavyweight RIL helped boost investors sentiment and the benchmark Sensex was trading up 1.44 per
cent, or 242.17 points, at 17,011.28 points at 1030 hrs.

The government has already fixed the price of gas from RIL's KG-D6 fields at USD 4.20 per mmBtu, compared to the USD 2.34 per mmBtu sought by Anil Ambani group firm RNRL.