RIL shares rally on plans to pursue gas price arbitration

MUMBAI (Reuters) - Reliance Industries Ltd gained as much as 4.2 percent to its highest since April 2011 after the company and its partners in a gas block said on Saturday they were taking the government to arbitration seeking implementation of higher gas prices.

Reliance and its partners BP Plc and Niko Resources issued the notice of arbitration to the government on May 9, the three companies said in a joint statement.

Shares in Reliance also tracked a broad-based rally that sent both the benchmark Sensex and Nifty to record highs.

(Reporting by Indulal PM; Editing by Rafael Nam)