New Delhi:
Reliance Industries shares saw a huge decline on Tuesday. Reliance Industries shares fell by one per cent to reach the lowest level of one year. In fact, the Ministry of Petroleum and Natural Gas has sought a compensation of $ 2.81 billion (24,522 crore) from the company. The government sent this demand letter to the company on March 3. The Ministry has sought this compensation after the Delhi High Court overturned the decision, which dismissed the petition challenging the Arbitral Award given to the company.
What is the whole matter related to Reliance Industries
Reliance Industries Limited won the Arbitral Award in the Krishna Godavari Basin (KG-D6) in the Krishna Godavari Basin (KG-D6) in the alleged gas migration dispute in the Krishna Godavari Basin (KG-D6). The government accused the consortium of gas transfer from ONGC block. It claimed $ 1.55 billion.
In 2016, the government sent notice to RIL and its partner British Petroleum Exploration and Nico. At the same time, an international arbitration was ruled in favor of the company in 2018.
A single judge bench of the Delhi High Court rejected the government’s appeal against the Arbitral Award on May 9, 2023, but retained the original decision. However, the government appealed to a division bench of the Delhi High Court and proceeded the matter. This bench has overturned the decision on 14 February by a single judge bench.
On this decision of the High Court, Reliance Industries has said that it is taking opinion from lawyers to challenge the decision of the High Court in a big court.
Reliance New Energy Limited fined 125 crores
In another case, Reliance New Energy Limited, a subsidiary of Reliance Industries, has been fined Rs 125 crore for failing to set up a battery cell plant under the government’s incentive scheme.
The impact of these decisions against Reliance Industries was seen in the stock market on Tuesday. Reliance Industries shares saw a decline of up to one per cent. It had reached Rs 1159. This was the lowest level after March 3. In the last one year, RIL shares have fallen by 22.45 per cent.
Also read: Stock Market Today: Stock market again from Trump’s tariff war, Sensex drops 400 points, Nifty slipped from 22,000