Reliance Naval slips 4% after subsidiary admits for corporate insolvency resolution process

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Shares of Reliance Naval and Engineering shed 4 percent intraday on September 3 after its subsidiary company admitted for a corporate insolvency resolution process.

RMOL Engineering and Offshore, a wholly-owned non-material subsidiary of the company has been admitted for corporate insolvency resolution process with NCLT, Ahmedabad Bench, for a claim of Rs 159.62 crore, filed by IFCI, as per company release on BSE.

There were pending sell orders of 12,605,549 shares, with no buyers available.

At 14:12 hrs Reliance Naval and Engineering was quoting at Rs 0.88, down Rs 0.04, or 4.35 percent.