RInfra tanks 20% as SC asks co to refund Rs 8,000 cr to Delhi Airport Metro

Shares of Reliance Infrastructure (R-Infra) tanked 20 per cent to Rs 227.40, freezing at the lower circuit on the BSE on Wednesday at 01:28 PM, amid heavy volumes after the Supreme Court (SC) set aside the Rs 8,000-crore arbitral award in favour of the company's metro arm, Delhi Airport Metro Express Private Limited (DAMEPL).

"The amounts deposited by the Delhi Metro Rail Corporation (DMRC) shall be refunded. Any amount paid by the petitioner as part of coercive action has to be refunded," a bench led by Chief Justice of India (CJI) DY Chandrachud said, according to a Business Standard report. CLICK HERE FOR FULL REPORT

A combined 17.26 million equity shares changed hands till the time of writing of this report, and there are pending sell orders for 9.27 million shares on the NSE and BSE.

The stock price of R-Infra had hit a multi-year high of Rs 308 on April 4, 2024. In the past five months, between November 4, 2023 and April 4, 2024, the stock zoomed 71 per cent.

R-Infra is the flagship company of the Reliance Group, led by Anil Dhirubhai Ambani, with a focus on the energy and infrastructure businesses. The company has an in-house engineering, procurement and construction division that is active in the power and road segments.

Meanwhile, shares of Anil Ambani's other group company Reliance Power were locked in the lower circuit of 5 per cent at Rs 28.34 on the BSE. A combined 29.46 million shares have changed hands so far, and there are pending sell orders for 28.72 million shares on the NSE and BSE.