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RIL shares plummet nearly 2% on SEBI order


Mumbai: Shares of Reliance Industries Ltd fell as much as 1.88 per cent as SEBI has accused the company of having committed a "fraud” in taking a short trading position at the time of selling a stake in a unit in 2007.

SEBI has imposed a one-year ban on RIL from trading in equity derivatives.

The company has also been asked to disgorge ₹447 crore plus interest in a 10-year-old case. The total penalty amount, including interest, could work out to nearly ₹1,000 crore.

Reliance Industries has strongly denied SEBI's accusation. The company says it will contest SEBI's decision.

Impact of the fine would be short-term and the stock should retrace once the event is over, says Rohit Ahuja of Religare Capital Markets.

Up to Friday's close, the stock had risen about 19 per cent this year.

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