Following a court’s decision, shares of Anil Ambani’s company, Reliance Infrastructure, surged in the stock market
Anil Ambani has received a significant victory in a long-standing legal dispute. The Calcutta High Court ruled in his favour in a Rs 780 crore arbitration case with the Damodar Valley Corporation (DVC). Following the court’s decision, on Monday, September 30, 2024, shares of Anil Ambani’s company, Reliance Infrastructure, surged in the stock market. By 12:47 pm, the stock had gained 6.51%, trading at Rs 343.99 per share.
Despite a broader market downturn, Reliance Infrastructure's stock saw significant growth. On Monday morning at 9:15 am, the BSE Sensex opened with a sharp decline of 464.22 points, falling to 85,107.63.
The NSE Nifty also dropped by 133.85 points, opening at 26,045.10. By 12:47 pm, the Sensex had plummeted further by 954.50 points (1.12%) to 84,617.35, and the Nifty had slipped by 278.80 points (1.06%) to 25,900.15.
Amid this market slump, Reliance Infrastructure's stock was one of the few bright spots with its impressive 6.51% rise.
The dispute between Reliance Infrastructure and DVC involved a claim of Rs 780 crore. Reliance Infrastructure had won an arbitration ruling in 2019, which directed DVC to pay Rs 896 crore to the company. The Calcutta High Court has now upheld this arbitration decision.
Reliance Infrastructure was in a dispute with Damodar Valley Corporation. Over a decade ago, the company had won a contract to set up a 1,200 MW thermal power plant in Purulia in West Bengal for Rs 3,750 crore. Due to various delays, DVC had demanded compensation from Reliance, but the arbitration tribunal ruled in Ambani's favour, a decision now supported by the court.
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