No Jio launch effect on shareholders; RIL shares slip marginally
The report directed Mukesh Ambani-led company to pay compensation for making unjust gains by pumping gas from the adjacent block.
A day after Mukesh Amabani made major announcements on the launch of Jio, the shares of Reliance Industries on Friday opened marginally down.
At 0920 hours the shares of the company were trading at Rs 1025.05 per piece, down 0.40%, or Rs 4.15 on BSE.
On Thursday, Ambani during the company's annual general meeting announced that the much-awaited Jio will be launched on Monday.
Despite it was a "big" event for the telecom industry, but the company's on-going ONGC gas dispute, kept shareholders cautious.
As we have earlier reported, on Wednesday, the Justice AP Shah Committee submitted a 'comprehensive report' to Oil Minister Dharmendra Pradhan stating that RIL has illegally migrated gas from its adjacent block of ONGC in Krishna-Godavari Basin.
The report directed Mukesh Ambani-led company to pay compensation for making "unjust" gains by pumping gas from the adjacent block.
Pradhan told us that the Ministry will take action by September 30 based on the report. "What will be the size of compensation..will decide after examining the report", Pradhan said.
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