Reliance Infra share price: The stock settled 3.18 per cent lower at Rs 188.70. At this price, it has plunged 24.32 per cent in the past one month. On a year-to-date (YTD), the scrip has slipped 10.42 per cent.
Reliance Infra share price: Technical analysts largely suggested that the counter looked ‘bearish’ on daily charts.
Shares of Reliance Infrastructure Ltd on Friday settled 3.18 per cent lower at Rs 188.70. At this price, the stock has plunged 24.32 per cent in the past one month. On a year-to-date (YTD), it has slipped 10.42 per cent.
Technical analysts largely suggested that the counter looked ‘bearish’ on daily charts. Support could be seen at the Rs 182-180 zone. On the higher side, resistance may be found above Rs 204 level.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, “The stock has witnessed a steep erosion. Next support on the counter will be at Rs 182, below which the trend would turn more bearish. For the bias to improve, it need to cross Rs 223 level decisively.”
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 180 and resistance at Rs 208. A decisive close above Rs 208 level may trigger a further upside till Rs 228. The expected trading range will be between Rs 170 and Rs 230 for a month.”
AR Ramachandran from Tips2trades said, “Reliance Infrastructure looks bearish on daily charts with strong resistance at Rs 204. A daily close below support of Rs 182 could lead it to a lower level of Rs 161 in the near term.”
Bourses BSE and NSE have put the securities of Reliance Infra under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
The counter has been reeling under pressure after the Supreme Court of India has overturned its prior ruling that compelled the Delhi Metro Rail Corporation (DMRC) to pay an arbitration award of around Rs 8,000 crore to Reliance Infra’s subsidiary, Delhi Airport Metro Express Pvt Ltd (DAMEPL).
Reliance Infra has issued a clarification to BSE and mentioned that the said order “does not impose any liability on the company.”
“The curative petitions must be and are accordingly allowed. The parties are restored to the position in which they were on the pronouncement of the judgement of the Division Bench. The execution proceedings before the High Court for enforcing the arbitral award must be discontinued and the amounts deposited by the petitioner pursuant to the judgment of this court shall be refunded. The part of the awarded amount, if any, paid by the petitioner as a result of coercive action is liable to be restored in favour of the petitioner. The orders passed by the High Court in the course of the execution proceedings for enforcing the arbitral award are set aside,” the company stated in a recent exchange filing.
Background
A bench headed by Chief Justice DY Chandrachud allowed the curative plea of the DMRC against the dismissal of its revision plea against a 2017 arbitral award.
CJI Chandrachud said that the earlier judgment of the court resulted in miscarriage of justice. He also ordered the proceedings in the execution petition filed by Delhi Airport Metro in the Delhi High Court to be discontinued and directed all amounts paid by DMRC to Delhi Airport Metro to be refunded.
The Delhi Airport Metro Express had won the arbitration award DMRC in 2017. It had argued that running trains on the airport line was not viable due to structural defects in the viaduct made by the DMRC. In September 2021, the top court upheld the arbitral award.
In November 2021, the Supreme Court dismissed a review petition filed by DMRC in the case, and subsequently in August 2022, DMRC filed a curative petition in the Supreme Court against the arbitral award.
Disclaimer: rojgarlive Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
