RIL shareholders unenthused as Ambani charms world with Jio
Despite, Mukesh Ambani announced the date for the official launch of much-awaited Reliance Jio, the shares of Reliance Industries dipped marginally.
At 1246 hours, the shares of the company were trading at Rs 1049.70 per piece, or down 0.78%, or Rs 8.30.
Though it was an occassion of cheer for Reliance at its Annual General Meeting today but the company failed to woo shareholders. The reason could be that the Justice AP Shah Committee report which stated RIL's illegal migration of gas from its adjacent block of ONGC in Krishna-Godavari Basin.
The committee submitted its 'comprehensive report' to Oil Minister Dharmendra Pradhan on the on-going dispute between the two companies.
The report directed Mukesh Ambani-led company to pay compensation for making "unjust" gains by pumping gas from the adjacent block.
Pradhan told us that the Ministry will take action by September 30 based on the report. "What will be the size of compensation..will decide after examining the report", Pradhan said.
Soon, the one-man Committee headed by Ajit Prakash Shah, former Chief Justice of Delhi High Court, made 113 pages long dispute report public on Petroleum Ministry website, harming the "reputation" of Reliance.