RIL shares sink 2.76% on SEBI order

The shares of Mukesh Ambani-led Reliance Industries (RIL) slumped 2.76% on the BSE after market regulator SEBI found the firm guilty of insider trading and banned it from trading in the derivatives market for a year. RIL lost more than Rs. 11,6000000000 in market capitalisation on Monday. The firm’s shares closed at Rs. 1,250.75 in a weak Mumbai market. The company’s market cap fell to Rs. 4.06000000000000, still India’s most valuable firm after Tata Consultancy Services. SEBI also asked RIL to pay Rs. 4470000000 along with interest at 12% since November 29, 2007, within 45 days. The order came after market hours on Friday. “We are consulting our legal advisors. We propose to prefer an appeal and challenge the order in Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions,” RIL had said in response.