India's Reliance Infra, Axis Bank shake off weakness after apex court contempt notice

Reliance Infrastructure

13/12/2024 10:26

(Updates with Axis Bank's response, stock levels at close)
    ** Shares of Reliance Infrastructure  RLIN.NS  gives up most
of the session's losses to end flat; Axis Bank  AXBK.NS 
reverses course to rise 0.2% 
    ** 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, adding financial
implications are unascertainable at this stage 
    ** Contempt petition not been served on the bank, Axis Bank
spokesperson says, adding will review the contempt petition on
receipt and take appropriate legal recourse
    ** RLIN logs first weekly loss in three; AXBK shares snap 
four-session losing streak
    ** RLIN has risen over 40%, while AXBK has gained 4% YTD

    

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