India's Reliance Infrastructure sinks on report court sets aside $961 mln award

Reliance Infrastructure

10/04/2024 07:42

** Shares of Reliance Infrastructure Ltd  RLIN.NS  fall 20%
to 227.60 rupees, their biggest slide since February 2019
    ** India's top court on Wednesday set aside an earlier
judgement allowing arbitral award of 80 billion rupees ($961
million) to co's unit, as per legal news publication LiveLaw
    ** Co must refund 33 billion rupees it received so far as
arbitral award far to Delhi Metro Rail Corp, according to NDTV
Profit
    ** RLIN did not immediately respond to a Reuters' email
seeking comment
    ** Around 16.3 mln shares change hands, around 2.7x the
30-day avg volume
    ** Stock trims YTD gains to 8.5%

    ($1 = 83.2200 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))