Shares of Reliance Infrastructure dropped by 2.89% to ₹296.05 as of 2:29 PM, following the Supreme Court’s issuance of a contempt notice to the company and its subsidiary, Delhi Airport Metro Express Private Limited (DAMEPL), in a long-standing escrow dispute with Delhi Metro Rail Corporation (DMRC).
Background of the Case:
- Supreme Court’s Directive: In April 2024, the court overturned an earlier decision that required DMRC to pay ₹8,000 crore in arbitration awards to DAMEPL. Instead, the court directed Axis Bank, the escrow agent, to refund ₹4,500 crore, including ₹2,800 crore in principal and accrued interest, held in escrow on behalf of DMRC.
- Contempt Allegations: DMRC has accused Reliance Infrastructure’s DAMEPL and Axis Bank of “wilfully” defying the court’s directive by failing to refund the escrow amount. Consequently, the court has sought explanations from the involved parties.
Intraday Performance:
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- Current Price: ₹296.05
- Decline: -2.58%
Stock Metrics:
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- 1-Month Performance: +11.17%
- 6-Month Performance: +45.27%
- Year-to-Date: +40.76%
- 1-Year: +35.46%
- All-Time: -38.26%
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