HC verdict against RIL, -ve global cues spook mkts

RIL plunged 7.48% and Reliance Petroleum was down 7.15%, which dragged the BSE Oil & Gas Index 4.51% or 474.08 points lower to close at 10,035.64. Among the others, Cairn India fell 2.31% and ONGC was down just 0.33%. However, the most beneficial ADAG's (Anil Dhirubhai Ambani Group) RNRL surged 24.11% and its volumes shot up 525% compared to 5-day average. Reliance Power rose 4.3% and Reliance Infrastructure gained 1.4%.

Commenting on the verdict, SP Tulsian of sptulsian.com said that the judgment would lead to Reliance Industries to suffer losses to the tune of Rs 3,600 crore. Tulsian however said he did not expect RNRL to be allowed to trade in the interim period till the Dadri project was created and added that more than RNRL, Reliance Power would benefit. "There would be increased profitability for Reliance Power but that is obviously once the power projects goes on stream."