Stocks

RIL stock drops despite bullish market trend

PTI Mumbai | Updated on March 12, 2018

Shares of Mukesh Ambani-led Reliance Industries settled lower on Friday despite a strong rally in the broader market.

Shares of the market behemoth closed down by 0.03 per cent at Rs 870.40 on the Bombay Stock Exchange. In intra-day trading the stock shed 1.74 per cent to hit a low of Rs 855.45.

On the National Stock Exchange, the blue chip stock ended at Rs 868.50, down 0.23 per cent from the previous close.

Analysts said that the mindset has changed from earlier days when RIL used to lead the market. The bellwether stock has lost nearly 18 per cent this year.

“The valuation of the stock is attractive at the moment but, despite that it is not being able to attract investors. But, if the bullish trend in the market persists, RIL will definitely participate in the party,” Unicon Financial Services CEO Mr Gajendra Nagpal said.

However, another group company Reliance Industrial Infrastructure Ltd (RIIL) gained 1.61 per cent to settle at Rs 519.10 on the BSE.

The BSE index Sensex advanced by 513.19 points, or 2.89 per cent to settle at 18,240.68. There were only two losers - RIL and Reliance Infra - among the Sensex stocks.

In contrast, the share prices of younger sibling Anil Ambani-led ADAG companies ended on a buoyant note, with Reliance Capital ending with 2.60 per cent gains, Reliance Communications surging by 3.14 per cent, Reliance MediaWorks by 3.50 per cent and Reliance Power by 3.36 per cent. From the ADAG pack only Reliance Infra slipped by 0.84 per cent.

Published on June 24, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor