Shares of country's largest private sector enterprise Reliance Industries Limited (RIL) surged over 5 per cent, hitting 52-week high, on Bombay Stock Exchange (BSE) after company issued a notice of arbitration to the Government of India.
"RIL, BP and NIKO has issued a notice of arbitration to the government of India, seeking implementation of the "Domestic Natural Gas Pricing Guideline 2014" notified on January 10, 2014," RIL said in a regulatory filing.
Buoyed by development, shares of Mukesh Ambani-owned company gained as much as 5.07 per cent and touched 52-week high to trade at Rs 1048.00 a piece on the BSE.
In a similar fashion, shares of the company advanced 4.56 per cent to Rs 1,043.05 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 23,263.99, up 269.76 points or 1.17 per cent at 9:40 hours.