Reliance Infra shares continue to fall for 2nd day; hit lower circuit

During the day, shares of the company dived 19.99 per cent to Rs 182.10 -- its lower circuit limit.Shares of Reliance Infrastructure had on Wednesday also tanked 20 per cent.The Supreme Court on Wednesday set aside an Rs 8,000 crore arbitral award granted in favour of Delhi Airport Metro Express Pvt DAMEPL.

Investors continued to desert the counter of Reliance Infrastructure on Friday as shares of the company further tanked over 13 per cent and hit a fresh lower circuit limit during the day.

The stock tumbled 13.02 per cent to settle at Rs 197.80 on the BSE. During the day, it plummeted 19.98 per cent to Rs 181.95 -- it lower circuit limit.

At the NSE, it slumped 13.11 per cent to Rs 197.75. During the day, shares of the company dived 19.99 per cent to Rs 182.10 -- its lower circuit limit.

Shares of Reliance Infrastructure had on Wednesday also tanked 20 per cent.

The Supreme Court on Wednesday set aside an Rs 8,000 crore arbitral award granted in favour of Delhi Airport Metro Express Pvt (DAMEPL). The award was in relation to a dispute arising out of a ''concession agreement'' that was entered into between DAMEPL (a subsidiary of Anil Ambani's Reliance Infrastructure) and Delhi Metro Rail Corp in 2008.

The court asked DAMEPL to refund all sums previously paid by the Delhi Metro Rail in accordance with the arbitral award. DMRC had paid Rs 3,300 crore to the Reliance Infra arm, which now needs to be refunded.

Anil Ambani's Reliance Infrastructure Ltd in a stock exchange filing said that no liability has been imposed on it by the Supreme Court order.

''Reliance Infrastructure wishes to clarify that the Order dated April 10, 2024, passed by the Supreme Court does not impose any liability on the company and the company has not received any money from DMRC/DAMEPL under the arbitral award,'' it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)