Reliance counters take a beating

The Relaince group stocks "" belonging to both Mukesh and Anil Ambani folds "" fell on the bourses today.

Reliance Capital was the biggest loser in the pack. The stock ended 3.89 per cent lower to close at Rs 440.30. Reliance Industries stock lost 3.81 per cent to close at Rs 713.70.

The Reliance Industries counter had a volatile trading session as the stock hit an intra day new 52-week high of Rs 760 before slipping to Rs 713.70. Over 1.3 crore RIL shares changed hands on BSE alone.

Reliance Energy stock ended 1.79 per cent lower in Wednesday's trading to close at Rs 632.15 while IPCL scrip was down 2.46 per cent to close at Rs 194.25.

Even Reliance Infrastructure stock slipped from its new intra-day high of Rs 188.50 to close 2.08 per cent lower at Rs 177.25.

The market was disappointed as RIL chairman Mukesh Ambani did not announce any acquisition plans in the company's annual general meeting (AGM).

Even though he mentioned about the demerger of the group and unlocking shareholders' value, he refrained from giving a clear picture of the demerger.

Later, Anil Ambani outlined the group's demerger plan. However, his announcement came after the closure of the market hours.

Most analysts said that market would react positively tomorrow to the Reliance group companies as a clear picture emerged on the demerger of the group.