Reliance Infra, which had closed yesterday at Rs.111.30, opened higher today at Rs.116 and soon hit the 10% UC of the day at Rs.122.40, where it now remains frozen. Its 52-week high is at Rs.149.50.
The stock hit the ceiling after the Delhi High Court yesterday directed Delhi Metro Rail Corporation Ltd (DMRC) to pay Rs 6,330 crore to a subsidiary of Reliance Infrastructure in line with the arbitration award passed in 2017.
DMRC has already paid Rs.1678 crore and Rs.6330 crore is over and above this, including interest.
DMRC needs to cough up Rs.824 crore in two weeks’ time and balance is to be paid in two equal instalments, on or before April 30 and May 31 respectively.