RIL falls over 1% after Delhi govt files case against Ambani

Shares of Reliance Industries Ltd today lost over 1 per cent after Delhi Chief Minister Arvind Kejriwal ordered filing of criminal cases against the company's chief Mukesh Ambani and others on alleged irregularities in gas pricing.
After a positive opening, shares of RIL turned weak following the news and lost 1.56 per cent to Rs 808.80 as the trade progressed on the BSE.
On the NSE, RIL's stock fell by 1.70 per cent to Rs 807.95.
Kejriwal said the Anti Corruption Branch (ACB) of Delhi government has been asked to probe the matter based on a complaint filed by former Cabinet Secretary TSR Subrmanian, Admiral Tahiliani, former Navy Chief and eminent lawyer Kamini Jaiswal besides a former Expenditure Secretary.

He said the Delhi government ordered filing of cases against former minister Murli Deora, Petroleum Minister Veerappa Moily, Mukesh Ambani and others on gas pricing issue.
"Today we have asked the ACB to probe the case. We are filing a criminal case against Murli Deora. FIRs are being filed against Moily, Mukesh Ambani former DG of Hydrocarbons V K Sibal, Reliance Industries Ltd and others," he said addressing a press conference here.

Without explaining whether the Delhi government has jurisdiction to probe the case, Kejriwal alleged that Reliance Industries Ltd was benefited as Oil Ministry decided to hike the natural gas price to USD 8 per million British thermal unit as against current USD 4.2 from April 1.

He alleged that RIL did not produce adequate gas from eastern offshore KG basin block so as to put pressure on the government to hike the price.
Reliance did not offer any immediate comments on the issue.
The fall in the bellwether stock was in contrast with a positive stock market where the benchmark Sensex was trading at 20,391.49, up 57.22 points during the afternoon trade.