Reliance Infra hits 20% LC

Before we all broke up for the Eid holiday yesterday, on Wednesday, the shocker of a order came in for Reliance Infrastructure. The Supreme Court (SC) overturned the earlier given Rs.8000-core arbitral award in favour of the company's metro arm, Delhi Airport Metro Express Private Limited (DAMEPL).

A bench headed by Chief Justice of India DY Chandrachud said that the SC had made an error interfering with the judgement of the Delhi High Court under Article 136 of the Constitution of India as it was a well-considered judgement. The bench at the SC said, "The amounts deposited by DMRC shall be refunded. Any amount paid by petitioner as part of coercive action has to be refunded.”

Following this, Reliance Infra clarified that he Order dated April 10, 2024 passed by the SC does not impose any liability on the company and it has not received any money from DMRC / DAMEPL under the arbitral award.

The stock price is naturally in the red an is the top loser on the BSE since the opening bell today morning.

It had hit the 20% LC on Wednesday at Rs.227.40 and today also, it hit the LC at Rs.181.95 the moment is opened for trading; it has recovered since then and is now trading 12% lower at Rs.200 levels.