A file photo showing Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai. - Reuters
MUMBAI, Jan 2 (Reuters): India's markets watchdog fined Reliance Industries 250 million rupees (US$3.42 million) and its chairman Mukesh Ambani 150 million rupees on Friday (Jan 1) for what it said were fraudulent trades while selling a stake in a subsidiary in 2007.
The Securities and Exchange Board of India (SEBI) alleged that the oil-to-telecoms conglomerate took derivative short positions in shares of separately listed Reliance Petroleum in 2007 through third parties before it sold a 5% stake in the business.
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