RIL down over 2% to close below buyback price
Shares of Reliance Industries today fell more than 2% on the BSE to close the below the buyback price of Rs. 870 apiece.business Updated: Sep 18, 2012 19:10 IST
Shares of Reliance Industries on Tuesday fell more than 2% on the BSE to close the below the buyback price of Rs. 870 apiece.
During the day, the scrip lost 2.51% and fell to its intra-day low of Rs. 851.65.
At the end of Tuesday's trading, the stock was quoted at Rs. 855.20, down by 2.11% on the BSE.
The share price of RIL on Monday had risen above the ongoing buyback price of Rs. 870 apiece for the first time since the repurchase offer began in February.
The scrip on Tuesday opened at Rs. 870, then it touched an intra-day high of Rs. 873.95 on the BSE.
According to the information available with the bourses, Mukesh Ambani-led RIL that began a buyback programme of Rs. 10,440 crore early this year, has so far purchased shares worth Rs. 3,198.35 crore through open market route.
This translates to about 30.63% of the total Rs. 10,440 crore amount earmarked for purchase of shares via buyback.
Between February 14 and September 11, the country's most valued firm purchased 3.90 crore shares at an average price of Rs. 819.25 a piece.
Although, the buyback begun in February, but it gained momentum from May when it had touched Rs. 692 level.
Ever since the buyback offer launched early this year, the company has never crossed the threshold limit of Rs. 870.
Accordingly, the market capitalisation of the company fell by Rs. 6,577 crore to Rs. 2,76,702 crore from Rs. 2,83,279 crore on Monday.
Market experts said the oil and gas giant is buying back shares aggressively from the open market with an aim to shore up stock valuations.