RIL shares fall nearly 2 pc; m-cap drops by Rs 17,990 cr

Shares of Reliance Industries Ltd (RIL) fell nearly 2 per cent on Monday after the government sought to block the company's plan to sell 20 per cent stake to Saudi Aramco.

The scrip declined 1.78 per cent to close at Rs 1,571 on the BSE. During the day, it dropped 2.77 per cent to Rs 1,555.

On the NSE, it fell 1.76 per cent to close at Rs 1,570.95.

The company's market valuation dropped Rs 17,990.13 crore to Rs 9,95,888.87 crore on the BSE.

In trading volume terms, 12.74 lakh shares of RIL were traded on the BSE and over one crore units exchanged hands on the NSE.

Last week, the government moved the Delhi High Court seeking to block Reliance selling 20 per cent stake in its oil and chemical business to Saudi Aramco for USD 15 billion, in view of pending dues of USD 3.5 billion in Panna-Mukta and Tapti oil and gas fields.

Reliance Industries has mounted a strong counter to the government petition in the Delhi High Court seeking to block its USD 15 billion deal with Saudi Aramco, saying ?the petition is an abuse of process as no arbitration award has fixed any final liability of dues on the company.