Reliance stock falls,recovers post-attack

8220;The Kejriwal effect was short-lived on RIL as the stock opened lower on knee-jerk reaction but,finally closed higher,8221; Kishor Ostwal,CMD,CNI Research said.

Reliance Industries Chairman Mukesh Ambani yesterday came under attack from India Against Corruption IAC which alleged that the UPA and the previous NDA governments had favoured his company by giving contract on gas exploration in KG Basin and concessions at a huge cost to the exchequer.

Activists Arvind Kejriwal and Prashant Bhushan alleged that Reliance was 8220;blackmailing8221; the government to increase the price of gas by 8220;almost stopping8221; the production and indulging in 8220;hoarding like petty traders8221;.

RIL,however,refuted the charges saying the allegations were at the 8220;behest of vested interests8221;.

8220;The statements made by IAC8230;are devoid of any truth or substance whatsoever and are denied,8221; the company said in a statement yesterday.

In the broader market,the BSE benchmark Sensex closed the day at 18,561.70,up 56.32 points.

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