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Monday, May 10, 2010

RNRL shares fall 9.5%

Shares in India’s Reliance Natural Resources fell as much as 9.5% on Monday morning, extending Friday’s 23% tumble after the Supreme Court delivered a verdict against the company in a gas dispute with Reliance Industries.

The Supreme Court on Friday ordered the two companes to renegotiate within six weeks a private natural gas supply contract between Mukesh Ambani’s Reliance Industries and the younger Anil’s Reliance Natural Resources.

At 9:31 am (0401 GMT), Reliance Natural Resources was down 8.2% at Rs48.40.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jun 09
24h Whit Monday 0
04:15 Manufacturing Sales 1 2.4% 1.1%
19:30 Wholesale Inventories 1 0% 0%
21:00 3-Month Bill Auction 1 4.25%
21:00 6-Month Bill Auction 1 4.15%
Tuesday, Jun 10
04:31 BRC Like-For-Like Retail Sales (YoY) 2 2.7% 6.8%
06:00 Westpac Consumer Confidence 2 2.2%
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