Reliance Industries declined to Rs 1265.35 in early trades following the market regulator SEBI barring th company and twelve other entities from dealing in equity derivatives in futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fradulent trades in Reliance Petroleum Limited shares in 2007.
The regulator also directed Reliance Industries to pay a fine of Rs 447.27 crore along with 12% interest from November 29, 2007 onwards till the date of payment, within 45 days from the date of the order.
Reliance Industries has stated that the trades in RPL shares which were examined by Sebi were genuine and bona fide transactions, RIL said, adding that these were carried out keeping the best interest of the company and its shareholders, in view.
Reliance Industries said that Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions. It added that it is in the process of consulting its legal advisors and is looking at prefering an appeal and challenge the order in Securities Appellate Tribunal. RIL said that it has full confidence in the judicial process and it proposes to vigorously exercise all options available to it to challenge the untenable findings in the order.
Reliance Industries shares are currently trading at Rs 1267.80, down 1.4% from previous closing price. On the National Stock Exchange, nearly 1.6 lakh shares have changed hands so far at the Reliance Industries counter this morning.
The stock, which had touched a low of Rs 925.65 on 23 May 2016, climbed to a 52-week high of Rs 1327 on 7 March 2017, following a series of rallies on the back of fairly decent quarterly earnings reports and the launch of Reliance Jio mobile services at attractive tariffs.
