The Exchange has sought clarification from Reliance Industries Limited with respect to recent news item captioned Reliance denies receiving Russian oil at its Jamnagar refinery in recent weeks. The response from the Company is attached.
RELIANCE · price
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On the reaction day the stock moved 0.2 pts less than Nifty 100 and 0.4 pts more than its Refineries & Marketing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Reliance responded to the stock exchange's query about a news article claiming the company received Russian oil at its Jamnagar refinery. The company clarified that despite its earlier denial of buying Russian oil for January delivery, Bloomberg reported three Russian oil vessels were heading to Jamnagar. Bloomberg subsequently updated the report, clarifying that the Russian oil cargo linked to Reliance was actually discharged elsewhere. Reliance stated there is no undisclosed price-sensitive information and sees no connection between the share price movement and the news article.
Neutral to slightly positive for shareholders as the company has been cleared of the Russian oil import allegation, with even Bloomberg updating its report. The company asserts full compliance with disclosure norms, which should help restore confidence and remove any overhang on the stock from this controversy.