RIL, Mukesh Ambani fined for ‘manipulative trades’

Markets regulator Sebi on Friday fined Reliance Industries, Mukesh Ambani and two other entities a total of Rs 70 crore for alleged manipulative trading in the shares of Reliance Petroleum — which was merged with RIL in 2009— in a case that dates back to 2007. Sebi, in its 95-page order, said in November 2007, RIL and several other entities closely associated with it, simultaneously traded in RPL in the cash and derivatives segments to profit from it.

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