After a battery unit was fined for missing a deadline, Reliance's share price dropped by more than 3%.
By : Sandhya
Reliance Industries Ltd.'s stock fell after it was revealed that the company's battery division would be fined for not establishing a battery cell factory. The company's shares were trading at ₹1,160.10 at 12 p.m. IST. This represented a 3.29 percent (₹39.50) decline. As of right now, the stock's intraday low is ₹1,156.
In 2022, the battery company Reliance New Energy Ltd., along with Rajesh Exports and an Ola Electric Mobility Ltd. business, won a Production Linked Incentive (PLI) bid for the production of battery cells. But because Reliance New Energy failed to open the facility by the deadline, it could be fined up to ₹125 crore.
According to the source, Rajesh Exports might also be required to pay a comparable sum for the same reason. But according to the report, Bhavish Aggarwal's Ola began producing lithium-ion cells in March of last year and intends to begin commercial production in the April–June quarter.