Reliance Industries’ share price drops to 3.6% to an intra-day low of Rs 1,156 on the National Stock Exchange. Its unit are slapped with penalty of 125 crore amount. When the Reliance Share Price falls 3.6%, the company face penalties for not establishing battery cells factor that was integral to PM Modi initiative to reduce dependency on imports.
Penalties behind Reliance Share Price falls 3.6%
Reliance New Energy was the company awarded for battery cell production in 2022 under government initiative. It supports the domestic manufacturing. It is expected that company miss the deadline, and paying fines of as much as Rs 125 crore ($14.3 million). Rajesh Exports too is under scanner for this. It applied under government initiative to make battery cells.
The company has on losing spree and this report comes as rap on knuckles. The stock was a major loser in the Nifty 50. It contributes the most after Coal India falls of Nifty 50
Reliance Industries Stock performance
The Reliance Share Price falls 3.6% in the past 5 trading sessions. The scrip has wiped out 6.5% in the previous one month and 23% in past six months. It declined 23% in the last 1 year. The benchmark index, Nifty 50 has fallen 1.8% in last five trading sessions. The index has fallen 5.23% in the last one month and 12.43% in six months. It has vanished all gains of the last one year
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