Reliance Infra Clarifies 'Supreme Court's Order Does Not Impose Any Liability'

In an exchange filing, Reliance Infrastructure confirmed that the Supreme Court has ruled in favour of the Delhi Metro Rail Corporation (DMRC) in a case against Delhi Airport Metro Express Private Limited (DAMEPL).

What Happened Reliance Infrastructure clarified that the Supreme Court’s order does not impose any liability on the company. The company said that it has not received any money from DMRC or DAMEPL under the arbitral award.

See Also: Supreme Court Rejects Patanjali’s Apology Again, Raps Uttarakhand Govt For Inaction

“Reliance Infrastructure wishes to clarify that the Order dated April 10, passed by the Hon'ble Supreme Court does not impose any liability on the Company and the Company has not received any money from DMRC / DAMEPL under the arbitral award,” the company said in the filing.

The company’s shares plummeted by 20%, hitting an intraday low of ₹227.60. This steep fall was a reaction to the Supreme Court overturning the arbitral award in favour of DAMEPL, a subsidiary of Reliance Infrastructure owned by Anil Ambani.

The Chief Justice of India, DY Chandrachud, stated that the amounts deposited by DMRC would be refunded and any amount paid by the petitioner as part of coercive action would also be refunded.

Price Action: Reliance Infra's share price was locked in a 20% lower circuit at ₹227.60 on Wednesday.

Read Next: Bhavish Aggarwal’s Krutrim Is Training AI Model That Can Chat In 10 Languages On Intel’s Gaudi 3