Reliance Naval stock closes 38% higher, BSE seeks clarification on price rise

The Reliance Naval stock from the ADAG Group of shares soared in Monday's trade even as the market saw heavy selling with Sensex and Nifty falling during the last hour of trade.

Reliance Naval and Engineering Limited, formerly Reliance Defence and Engineering Limited, rose 38.68% or 19 points to 68.30 on the BSE.

The Reliance Naval stock has gained 23.93% or 13 points in the last one year.

The Company is engaged in shipbuilding and fabrication. Its segments include Ship Building and Fabrication, and Trading. The Ship Building and Fabrication segment includes shipbuilding, block manufacturing, ship and rig repairs, fabrication at its Special Economic Zone (SEZ) and Export Oriented Units (EOU) situated at Pipavav, Gujarat.

Other ADAG Group stocks Reliance Power (21.99%), Reliance Home Finance (8.95%), Reliance Nippon Life Asset Management (0.70%) and Reliance Capital  (4.03%)  closed higher. Reliance Communications (3.23%) was the only loser among these stocks.

Meanwhile, the Sensex and Nifty closed 244 points and 95 points lower, respectively. The BSE has sought clarification from Reliance Naval and Engineering Ltd today, with reference to increase in price.