Ambani's statement boosts Reliance group shares

PTI | ByPress Trust of India, New Delhi
Nov 25, 2004 12:31 PM IST

Reliance group shares recovered in late Monday trade after chairman Mukesh Ambani issued a statement on ownership issues.

Shares of Reliance group companies recovered in late trading on Monday with company chairman Mukesh Ambani making clear his statement on the "ownership issues", which lifted the Sensex from the day's low of 5877.97 points to end at 5963.80, a marginal gain of 2.09 points.

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The market commenced on a weak note and remained volatile throughout the day on brisk trading by funds till Ambani's clarification came in.

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Ambani said his remarks on ownership issues were "torn out of context" and clarified that "Dhirubhai Ambani had settled all ownership issues pertaining to Reliance during his lifetime".

Media reports of some 'disagreement' between the Ambani brothers pushed down Reliance group company shares on Friday and in early trade on Monday.

However, following the clarification, the index-heavy Reliance Industries stocks were up 1.07 per cent at Rs 532.80, recovering from an early low of Rs 509.20.

Reliance Energy, a private major in power sector, dipped to the day's low at Rs 581, but recovered to Rs 605.55, still down 2.44 per cent. The two stocks make up about 14 per cent of the benchmark Sensex.

Reliance Capital was notably higher by Rs 7.55 or 5.48 per cent at Rs 145.25 on late buying by funds. It touched the day's high of Rs 152 and low at Rs 130.

Shares of Indian Petrochemicals Limited (IPCL) were down at Rs 176.50 in early trading but recovered to close at Rs 186.50, still revealing a moderate loss of Rs 2.20.

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