Reliance Industries has vehemently refuted the allegations in the reports saying it is bringing in Russian oil. The very first thing the company did was to claim that the reports are incorrect, and on top of that, they would wound the empresas honor. The communication from Reliance to the public was done through a social media post on Tuesday.
Company Response
- In the statement issued, the reference was made to a Bloomberg news item which had alleged that the movement of three vessels laden with Russian oil was towards Reliance’s Jamnagar refinery. Reliance has branded this assertion “a blatant lie” and has affirmed that there has not been a single delivery of Russian oil to the Jamnagar refinery in the last three weeks.
- The firm has also said that it will not be receiving any Russian oil this month. Moreover, Reliance added that it had turned down Russian oil supply offers for the coming month. The company labeled the article for failing to discuss this aspect as well and said such items of news erode the company’s good name.
About the Jamnagar Refinery
Perched in the state of Gujarat, the Jamnagar refinery is the largest oil refining complex worldwide. It plays a vital role in the energy supply and export of India. The report from Bloomberg was stating that an average of 2.2 million barrels of Urals crude oil would be shipped to Jamnagar by the end of January. This news caused quite a stir as just recently, the US had slapped additional duties on India for buying Russian oil.
Impact on Reliance Shares
The price of Reliance stocks fell on Tuesday as news of the company’s false Russian oil reports broke. Investors took profits as the stock price dropped by more than 3 percent. By 10:15 AM, shares were down to ₹1,527.60 at NSE, a decrease of 3.20 percent. The shares were quoted at ₹1,527.90 at BSE, falling by 3.18 percent.
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