Reliance Infrastructure shares took a huge hit on Wednesday. The stock price of the company went down by 20 percent and it closed at Rs 227.60 at the end of the trading session on April 10, 2024. In a major relief to DMRC, the Supreme Court set aside its own decision and held that the PSU firm will have to pay over Rs 8,000 crore to the firm’s subsidiary, Delhi Airport Metro Express Pvt Ltd, PTI reported. Was not obliged to.
By how much did the company’s stock slip?
According to the news, the stock closed at Rs 227.40, down 19.99 percent, on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it fell 20 per cent to the day’s lowest trading limit of Rs 227.60. The market valuation of the company declined by Rs 2,250.02 crore to Rs 9,008.02 crore. Allowing Delhi Metro Rail Corporation (DMRC)’s plea against the 2021 decision, a special bench headed by Chief Justice DY Chandrachud said the top court erred in setting aside the Delhi High Court decision.
Deposit amount will be refunded
A division bench of the Delhi High Court had in 2019 set aside the arbitral award passed against DMRC. The bench said that by setting aside the decision of the Delhi High Court, this court (SC) reinstated a clearly illegal award which saddled a public utility with excessive liability. The judgment said that the amount deposited so far by DMRC will be refunded and the parties will be reinstated to the position they were in on the date of announcement of the Delhi High Court judgment.
What did Reliance Infrastructure Limited say?
Anil Ambani’s Reliance Infrastructure Ltd said no liability is imposed on it by the Supreme Court order which set aside the Rs 8,000 crore arbitration award given in favor of Delhi Airport Metro Express Pvt Ltd (DAMEPL). . The company said that Reliance Infrastructure wishes to clarify that the order dated April 10, 2024 passed by the Supreme Court does not impose any liability on the company and the company has not received any money from DMRC/DAMEPL under the arbitral award.
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