Reliance Industries slumps after being found guilty of price manipulation
Reliance, along with 12 unlisted trading houses it used, carried out unlawful transactions in the shares of its former unit, Reliance Petroleum, in late 2007
Mumbai — Billionaire Mukesh Ambani’s Reliance Industries fell the most in two months after it was barred from trading futures and options on India’s equity markets for a year, after regulators found it guilty of manipulating share prices. Reliance Industries lost as much as 3.1% to 1,247.10 rupees, the biggest intraday drop since January 17, and was at 1,249 rupees as of 2.37pm in Mumbai on Monday. The company was the second-worst performer on the benchmark S&P BSE Sensex, which declined 0.8%. The Securities and Exchange Board of India (Sebi) said Reliance, along with 12 unlisted trading houses it used, carried out unlawful transactions in the shares of its former unit, Reliance Petroleum, in late 2007. The regulator ordered the companies to return gains of 4.47-billion rupees ($68.3m) plus interest, according to an order posted on its website Friday. "The Sebi order gives out the message to the market that misdeeds will be punished whether it’s a big company or a small one and no m...
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