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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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