India, March 3 -- The share price of Reliance Industries Ltd dropped after the conglomerate's battery unit may face fines for failing to set up a battery cell plant

At 12 pm IST, the company's shares were trading at Rs.1,160.10. This was a drop of 3.29 per cent or Rs.39.50. The stock's intraday low so far is Rs.1,156.

The battery unit called Reliance New Energy Ltd was among other companies like Rajesh Exports and a unit of Ola Electric Mobility Ltd which won a Production Linked Incentive (PLI) bid for battery cell manufacturing in 2022.

However, Reliance New Energy missed the deadline to open the plant, making it liable to pay fines of as much as Rs.125 crore, according to a Bloomberg report.

HT cannot independently verify the authen...