India's Reliance Infra, Axis Bank fall after contempt notice from apex court

Reliance Infrastructure

13/12/2024 07:23

** Shares of Reliance Infrastructure  RLIN.NS  and Axis Bank
 AXBK.NS  drop 2.3% and 1.5%, respectively 
    ** RLIN said India's Supreme Court issues show-cause notice
to co's unit, Delhi Airport Metro Express Pvt Ltd, and Managing
Director of AXBK
    ** Notice from Supreme Court asks why contempt proceedings
should not be initiated against them for violation of directions
contained in an April 2024 judgment 
    ** RLIN said its unit will take "appropriate steps to
protect its interest" in the matter, financial implications are
unascertainable at this stage 
    ** Axis Bank did not immediately respond to a Reuters
request for comment on the matter
    ** RLIN stock on track to log first weekly loss in three;
AXBK shares extend losing streak for a fifth straight session 
    ** YTD, RLIN has risen 37%, AXBK has gained 2.4% 

    

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))