HC sets aside RCF's win vs Thermax; refund of about Rs 218 cr plus interest ordered

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Price reactionminutes from the announcement price · days from the prior close

+1.0%Reaction day

₹138.51

prior close

₹140.15

announcement price

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Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.6%+1.6% vs market

Fertilizers peers, median of 19sector-0.7%+1.7% vs sector

On the reaction day the stock moved 1.6 pts more than Nifty Microcap 250 and 1.7 pts more than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Fertilizers peers, median of 19Pending

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AI summary

Bombay High Court set aside the June 2023 arbitral award won by RCF against Thermax Limited over breakdown of two Gas Turbo Generators. RCF has been directed to refund about Rs 218.46 crore deposited by Thermax along with 6% per annum interest. RCF has 4 weeks to decide next steps. This reverses a prior favorable ruling for the company.

Likely market impact

Negative - potential refund of about Rs 218 crore plus 6% interest to Thermax; reverses earlier favorable ruling. RCF may appeal.