Reliance Capital to expand retail health insurance biz; stock up 5%

The stock hit high of Rs 585, trading close to its 52-week high of Rs 596 touched on Sep 29, 2016.

Reliance Capital has rallied 5% to Rs 585 on BSE after Anil-Ambani led Reliance Group, announced plans to separate its retail health insurance business, from its general insurance business, into a standalone, wholly owned subsidiary.

“The Board of Directors of Reliance General Insurance Company Limited (RGIL), a subsidiary of Reliance Capital, has approved this proposal, subject to necessary IRDA and other approvals,” the company said in a press release.

Reliance Health Insurance, the proposed new company for health insurance business, will be a wholly owned subsidiary of Reliance Capital.

The proposal will enhance management focus on Health