Reliance Industries Falls After Manipulation Charge, Trading Ban
- Shares drop most since Jan., futures trading halted for a year
- Company ordered to pay back 4.5 billion rupees plus interest
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Billionaire Mukesh Ambani’s Reliance Industries Ltd. fell the most in two months after it was barred from trading futures and options on India’s equity markets for a year after regulators found it guilty of manipulating share prices.
Reliance Industries lost as much as 3.1 percent to 1,247.10 rupees, the biggest intraday drop since Jan. 17, and was at 1,249 rupees as of 2:37 p.m. in Mumbai on Monday. The company was the second-worst performer on the benchmark S&P BSE Sensex, which declined 0.8 percent.