No plans to sell RNRL shares: ADAG

Reliance Natural Resources, the Anil Ambani Group company, today saw more than 3.3 crore shares, worth over Rs 525 crore, changing hands on the bourses following rumours that the promoters were planning to sell some of their holdings.

"No shares of Reliance Natural Resources have been sold. We have no intention of selling any shares of RNRL," a Reliance ADA group spokesperson said in a statement, reacting to the speculation.

The speculation hit the bourses after Reliance Industries, the Mukesh Ambani Group's flagship company, said late on Friday that it had sold 18.04 crore shares of Reliance Petroleum in the open market transactions, amounting to a 4.01 per cent stake.

"It is not our philosophy to sell shares in the open market without disclosure, at the cost of retail investors," ADAG said.

"In the interest of transparency, we will disclose sales on a daily basis, if ever made, even though longer time frames are statutorily allowed by the Securities and Exchange Board of India."

According to information available from the bourses, over 2.26 crore RNRL shares were traded on the National Stock Exchange, with a total turnover of Rs 360 crore.

A total of 1.03 crore shares changed hands on the Bombay Stock Exchange with a total value of Rs 164 crore. This amounts to a total 3.3 crore shares on the two exchanges, with a collective turnover of nearly Rs 525 crore.

The stock was among the top ten traded counters on both the bourses. The shares of RNRL closed at Rs 157.50 on the BSE, down 0.44 per cent, after touching an intra-day high of Rs 163.20.

They closed at Rs 157.55 on the NSE, down 0.4 per cent, after hitting an intra-day high of Rs 164.