Reliance Nippon Life extends rally; stock zooms 44% in two days

The stock surged 20 per cent to Rs 224 in intra-day trade , zooming 44 per cent in past two trading days on the BSE, after Reliance Capital has decided to put on the block its stake in the company.

Shares of Reliance Nippon Life Asset Management have surged 20 per cent to Rs 224 on Friday in intra-day trade, zooming 44 per cent in past two trading days on the BSE, after Reliance Capital decided to put its stake in the company up for grabs.

On Thursday, Reliance Capital said it had invited equal joint venture partner Nippon Life Insurance of Japan to acquire its 42.88 per cent stake in the asset manager. Nippon Life Insurance Company currently holds 42.88 stake in Reliance Nippon Life Asset Management.

Reliance Nippon Life Asset Management, commonly referred to as Reliance