RIL Industries denies insider trading, shares up

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Vikram Kamble

23 November, 2009

RELIANCE INDUSTRIES Ltd (RIL) on Monday (November 23), denied reports that it had violated insider trading provisions set by the Securities and Exchange Board of India. In a statement on Monday, RIL said that it has always abided by the rules and regulations and there was no question violating any norms related to insider.

Reliance issued the statement after reports appeared in the media that it has been issued a show cause notice by the SEBI related to insider trading. The company also confirmed that it had received the notice last month but maintained that there was no question of insider trading.

Reliance Industries is the largest India company and is run by Mukesh Ambani, who took over from father Dhirubhai Ambani. The company has been in news recently for making an attempt to buy Chemical behemoth LyondellBasell for a reported 12 billion dollars.

After the acquisition move by the company, Reliance shares rose sharply by about 3.3 per cent to 2195.50 rupees.

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