Hedging loss…Reliance denies rumors

Reliance has dismissed reports of suffering huge losses in its hedging transactions terming it as a malicious propaganda. A company spokesperson said, Reliance is in the business of refining and our efforts are towards maximising our Gross Refining Margins. “We engage in hedging transactions to protect our refining margins. As a prudent business philosophy, we do not take speculative positions in either crude oil or any other commodities.” The consistently superior financial performance of our refinery business reflects our conservative hedging practices, the spokesperson added.