India's Reliance shares rally on plans to pursue gas price arbitration

Reliance Industries Ltd gained as much as 4.2% to its highest since April 2011 after the company and its partners in a gas block said on Saturday they were taking the Indian government to arbitration seeking implementation of higher gas prices.

Reliance Industries Ltd gained as much as 4.2% to its highest since April 2011 after the company and its partners in a gas block said on Saturday they were taking the Indian government to arbitration seeking implementation of higher gas prices.

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Reliance and its partners BP Plc and Niko Resources issued the notice of arbitration to the government on May 9, the three companies said in a joint statement.

Shares in Reliance also tracked a broad-based rally that sent both the benchmark BSE index and NSE index to record highs.