Ownership issues drag Reliance down

DALAL STREET SPIKES

The socks of the Reliance group companies came under selling pressure on Tuesday amid uncertainty over the resolution of ownership imbroglio.

The stock of Reliance Industries was down 2.6 per cent to close at Rs 517.30 after hitting an intra-day low of Rs 511.05. The counter witnessed huge volumes of more than 32.9 lakh share on the BSE and over 75.9 lakh shares on the NSE.

Among other group companies, Reliance Energy was down 1.38 per cent to Rs 559.45, while Reliance Capital was down 2.5 per cent to close at Rs 135.60.

An institutional dealer with a domestic broking firm said, "Selling pressure in Reliance group stocks was evident in Tuesday's trading as sentiment turned negative on reports of Reliance exposure in the infocom business and the ongoing tussle among the brothers on the ownership issue."