Reliance shares recover and go up 1.53% after opening nearly 50% lower, here's why

Reliance Industries Ltd shares have recovered and gone back 1.53% into the green after opening nearly 50% lower for today's trading session

Updated on: Oct 28, 2024, 12:26:55 IST

By HT News Desk

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Reliance Industries Ltd shares have recovered and gone back 1.53% into the green after suffering a fall of nearly 50% during today's trading session.

The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. (Amit Dave/Reuters)

Why did Reliance Industries shares open 50% lower?

Reliance Industries shares opened 49.61% lower than Friday’s closing price of ₹2,655.45 due to the company announcing a bonus issue of shares in a 1:1 ratio which means that shareholders will receive one additional bonus share for every share they own.

This bonus issue is one of the largest of its kind in India and it is RIL's sixth such issue. Its last bonus issue was in 2017, and the company's shares have grown 266% since.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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