Reliance Infrastructure fell 3.80% to Rs 425.05 at 14:38 IST on BSE on report that the Delhi government has asked power distribution companies to clear dues of about Rs 6000 crore owed to the state.
Meanwhile, the BSE Sensex was up 190.72 points, or 0.67%, to 28,450.86.
On BSE, so far 3.60 lakh shares were traded in the counter, compared with an average volume of 4.34 lakh shares in the past one quarter.
The stock hit a high of Rs 436.75 and a low of Rs 421 so far during the day. The stock hit a 52-week high of Rs 820 on 10 June 2014. The stock hit a 52-week low of Rs 400.80 on 10 February 2015.
The stock had underperformed the market over the past one month till 1 April 2015, falling 7.14% compared with 3.75% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.79% as against Sensex's 2.74% rise.
The large-cap company has an equity capital of Rs 262.99 crore. Face value per share is Rs 10.
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Media report stated that Aam Aadmi Party (AAP) government has strictly directed Reliance Infrastructure (RInfra)-backed BSES power distribution companies to clear dues of nearly Rs 6000 crore to Delhi Transco and two state-run power generation companies.
BSES Rajdhani Power (BRPL) and BSES Yamuna Power (BYPL) have been ignoring notices by the Power Department to pay the dues and it may now consider punitive action against the two discoms, report added.
On a consolidated basis, net profit of Reliance Infrastructure rose 0.43% to Rs 452.37 crore on 13.71% rise in net sales to Rs 4338.51 crore in Q3 December 2014 over Q3 December 2013.
RInfra is amongst the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors within the infrastructure space i.e. roads, metro rail and cement. RInfra is also the leading utility company having presence across the value chain of power businesses i.e. generation, transmission, distribution, power trading. The company also provides engineering, procurement and construction (EPC) services for developing power and road projects.
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