The Hindu Business Line : Reliance scrips bounce back

WITH speculation rife about a split in the Ambani family and its repercussions on the group's businesses, Reliance shares opened on Monday for trading on a very weak note.

However, the sentiment on the scrip turned positive after Mr Mukesh Ambani released a statement saying his comment about ownership issues was "torn out of context."

The scrip of Reliance Industries Ltd (RIL), which closed at Rs 527 on Friday, opened today at Rs 509. The scrip stayed in the red till about 2:55 p.m. However, as soon as Mr Ambani went public with his clarification, the scrip clawed back, to close the day's trade at Rs 532.80, over one per cent up from its previous close.

All Reliance group shares, except Reliance Energy, posted gains from their previous closing values.

Reliance Capital share price appreciated by Rs 6.20 and that of Reliance Industrial Infrastructure Ltd moved up by Rs 3.15. Reliance Energy shares shed Rs 15.15 to close at Rs 605.55.

The sharp fall in Reliance scrips in the morning is attributed to the lack of buying support on these shares because of the continued uncertainty.

"Even today, the selling pressure was largely from retail investors. Institutions were not sellers, but they were not willing to take any further exposure," said a NSE broker.

Benchmark indices, Sensex and Nifty, trailed the same graph as Reliance scrips.

Concerns about crude oil prices added to the overall pessimism at the beginning of the day.

The indices closed the day's trade almost flat, with Sensex gaining 2.09 points to close at 5963.80. The index did register a 101.13-point move intra-day.

Nifty also showed intra-day appreciation of 25.9 points. The index closed with a point gain at 1873.35.

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