Shares of Anil Ambani-led Reliance ADAG Group companies were trading higher in late morning deals on Friday after the Supreme Court ruled out an investigation into the deal for 36 Rafale fighter jets worth Rs 58,000 crore.
Reliance Infrastructure shares and its telecom arm Reliance Communications gained between 4-6 per cent after the Supreme Court gave a clean chit to the Narendra Modi government on Rafale deal.
Hailing the Supreme Court's verdict on Rafale deal, Reliance Group chairman Anil Ambani said, "I welcome the judgment of the Hon'ble Supreme Court today summarily dismissing all PILs filed on the Rafale contracts, and conclusively establishing the complete falsity of the wild, baseless and politically motivated allegations levelled against Reliance Group and me personally. We remain committed to India's national security and to making our humble contribution towards the Make in India and Skill India policies of the Government in the critical area of defence including our offset partnership agreement with our valued partner, Dassault Aviation of France."
Boosted by the apex court's verdict, shares of Reliance Communications climbed as much as 6.66 per cent to touch an intra-day high of Rs 16.49 apiece on the Bombay Stock Exchange, after opening flat at Rs 15.40 against previous closing price of Rs 15.46.
On the National Stock Exchange, stocks of the company were trading at Rs 16.05, up 4.22 per cent.
In a similar trend, shares of Reliance Infrastructure were up 2.93 per cent to trade at Rs 295.20 on BSE, followed by Reliance Power (Rs 28.65, 2.14%) and Reliance Capital (Rs 218.95, 1.04%), among others.
Edited by Chitranjan Kumar