Reliance Naval hits 5% LC

Reliance Naval hit the 5% LC today at Rs.15.42 with over 3 lakh pending sell orders on the counter.

The stock price slipped on news that Anil Ambani, the director of the company, resigned from the Board on 25^th August.

This resignation was more to comply with provisions of Section 165 of the Companies Act, 2013, prescribing the limit on directorships to only 10 public companies.

At the beginning of the month, ONGC ended a deal with the company for the supply of a dozen vessels to support offshore oil exploration.