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BUZZ-India's Reliance Industries falls; market regulator imposes fine
March 27, 2017 / 4:54 AM / 8 months ago

BUZZ-India's Reliance Industries falls; market regulator imposes fine

** Reliance Industries Ltd falls as much as 1.88 pct

** India’s market regulator accuses co of having committed a “fraud” in taking a short trading position at the time of selling a stake in a unit in 2007

** Securities and Exchange Board of India orders Reliance Industries to surrender most of gains, plus interest; bars it from trading in derivatives for one year

** Reliance Industries strongly denies, says will contest SEBI’s decision

** Impact of fine would be short-term and stock should retrace once the event is over, says Rohit Ahuja of Religare Capital Markets

** Up to Friday’s close, stock had risen about 19 pct this year

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