ADAG group companies’ valuation hit on SC’s gas verdict
08 May 2010
Reliance Industries' market valuation shot up by Rs7.500 crore even as the markets overall remained depressed with the Anil Ambani Group (ADAG) companies registering an erosion in value of over Rs9,000 crore.
Shares of RIL surged to a high of Rs1,060 after the Supreme Court delivered its verdict in the gas pricing and supply dispute between the Mukesh Ambani-led RIL and Anil Ambani's RNRL. RIL shares were up 2.27 per cent at 1.033.85 on the BSE.
The market capitalisation of Reliance Industries, the most valued firm in the company settled at Rs3,38,085 crore as compared to Rs3,30,580.3 crore on Thursday.
The shares of the ADA Group took a hammering on the bourses, resulting in a sharp decline in their combined marketcap to the tune of Rs9,000 crore.
Top losers in the group according to marketcap were Reliance Power, which lost Rs3,307 crore, and RNRL, with its valuation falling by Rs2,547 crore in a single day.
Market cap of Reliance Power was down to Rs33,579 crore at the end of trade on Friday Rs36,886.75 crore on Thursday.
RNRL whose shares fell nearly 23 per cent saw its marketcap settle to Rs8,614 crore from Thursday's Rs11,162.44 crore.
Other group firms which suffered steep declines were Reliance Infrastructure (down Rs1,660 crore), Reliance Communication (Rs867.5 crore), Reliance Capital (Rs637 crore) and Reliance MediaWorks (Rs60 crore).