Companies

Massive sell-off pulls down Reliance by 2.54% on BSE

PTI Mumbai | Updated on February 04, 2011

Massive sell-off by jittery investors led the country’s most valued firm Reliance Industries (RIL) to tumble by 2.54 per cent on BSE on Friday, dragging the benchmark Sensex by over 441 points.

After surging for two straight sessions, Mukesh Ambani-led RIL plummeted by 2.54 per cent to settle this evening at Rs 919.50 on the Bombay Stock Exchange.

The RIL scrip had surged by 5.34 per cent in the last two trading sessions.

Falling prey to the profit-booking, the counter saw the similar slide on the National Stock Exchange and tanked by 2.85 per cent to Rs 917 a piece.

“Investor sentiment is hit by the continuously rising inflation and persisting uncertainty in Egypt, which is why they prefer booking profits on every rise in the market,” Geojit BNP Paribas Financial Services Research Head, Mr Alex Mathews said.

Significant weakness in the RIL stock, which carries the maximum weight on the 30-share index, was also instrumental in pulling down the Sensex that fell by 441.16 points to settle at 18,008.15 level.

Published on February 04, 2011

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