Reliance Industries slides 3.6%. Here’s why… – Market News
Reliance Industries’ share price declined 3.6% to an intra-day low of Rs 1,156 on the National Stock Exchange after a unit of it is expected to be slapped with a fine of Rs 125 crore.
A subsidiary of Reliance Industries faces the possibility of penalties for not establishing a battery cell factory that was integral to Prime Minister Narendra Modi’s initiative to reduce reliance on imports, according to a report by Bloomberg.
Reliance New Energy was one of the companies awarded a contract for battery cell production in 2022 as part of a government initiative to encourage domestic manufacturing. It is expected that the company may miss the deadline, ending up paying fines of as much as Rs 125 crore ($14.3 million).
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