Reliance Industries share opened with a loss of nearly 3% today amid reports that the Mukesh Ambani-led conglomerate countered government's petition in Delhi High Court seeking to impose non-payment of $4.5 billion in an international arbitral award of Panna-Mukta and Tapti (PMT) production-sharing contracts (PSCs) case.
RIL share price opened 2.78% lower at Rs 1,555 compared to the previous close of Rs 1599.40 on BSE. However, the stock erased some losses and was trading 2.02% or 32 points lower at Rs 1,567 in afternoon trade. It trades 3.55% away from its 52-week high of Rs 1,617.8. The large cap stock has lost 2.66% in two days.
RIL stock has gained 42.43% during the last one year and risen 39.35% since the beginning of this year. RIL said that it has no direct liability in the PMT profit dispute with the state over profits from PMT fields adding that it is an abuse of process as the arbitration tribunal has not asked the company to pay anything so far.
In a counter-affidavit, the energy-to-telecom conglomerate said that the government's petition was an abuse of process as "it portrays that a sum of money is due and payable under the final award and purports to compute the money payable on a basis neither found in the arbitration award nor disclosed in the petition."
RIL submitted the affidavit in response to the government's move to the Delhi HC, seeking to prevent the firm from selling a 20 per cent stake in its oil-and-chemicals business to Saudi Aramco for $15 billion, in view of dues of $3.5 billion in the PMT oil and gas fields.
By Aseem Thapliyal