Millennium Post

Arvind byte gives Reliance Industry scrip early jitters

Shares of Reliance Industries Ltd (RIL) on Thursday recouped early losses of 2 per cent and closed marginally higher, a day after civil society activist Arvind Kejriwal accused the company of pressurising the government to increase gas prices, a charge the the energy major has denied.

After falling 2 per cent during the day, shares of the company bounced back at the fag end of trade and settled at Rs 807.05, up 0.22 per cent on the Bombay Stock Exchange (BSE).

At the National Stock Exchange (NSE) too, the RIL scrip closed at Rs 807, up 0.19 per cent.

'The Kejriwal effect was short-lived on RIL as the stock opened lower on knee-jerk reaction but finally closed higher,' said CNI Research chairman and managing director (CMD) Kishor Ostwal.

Reliance Industries Chairman Mukesh Ambani came under attack on Wednesday from India Against Corruption (IAC), which alleged that both the UPA and previous NDA governments had favoured his company by giving gas exploration contracts in the KG Basin and concessions at a huge cost to the exchequer.

Kejriwal and Prashant Bhushan had alleged that Reliance Industries Ltd was 'blackmailing' the government to increase the price of gas by 'almost stopping' production and indulging in 'hoarding like petty traders'.

RIL, however, denied the charges, saying that the allegations were made at the 'behest of vested interests'.

'The statements made by IAC... are devoid of any truth or substance whatsoever and are denied,' the company said in a statement.In the broader market, the benchmark BSE Sensex closed on Thursday at 18,561.70, up 56.32 points.   
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