Shankar Sharma, VC & Joint MD of First Global is negative on Reliance Industries.

Sharma told CNBC-TV18, "We have been negative on Reliance Industries for quite a while now; I see no reason to change that view. These occasional spikes keep happening as there is hopeful talk that the settlement might be reached and I am not an insider on that trade for me to know whether there will be or not. What I am more interested is knowing how the Supreme Court (SC) will interpret all the complexities around this and how will a court of law get into very detailed analysis of a business problem because typically courts are into issues of law rather than get into what is the cost of producing gas and stuff like that which even we analysts cannot figure out. So let us see how the SC takes this but I am no insider in this."