Reliance reels under FIIs unloading

DALAL STREET SPIKES

Index heavyweight Reliance Industries was among the biggest loser with the stock crashing more than 5 per cent in intra-day trades on aggressive selling by FIIs.

The stock of petrochemicals and refinery major finally closed 4.77 per cent lower to Rs 411.05 on the back of huge volumes of over 49.5 lakh shares at the BSE.

According to an institutional dealer, a leading FII had a sell order of over 20 lakh shares resulting in the stock trading negative from the onset of trading on Wednesday. The stock closed at its day's low, despite some short covering at the fag end of the trading.

In the last one month, the stock has been trading in a narrow range of Rs 430 and Rs 456. RIL, recently submitted its plans to the government mentioning details regarding the development of 'D6' gas field located in the Krishna Godavari basin in Andhra Pradesh.

The company plans to invest $500 million in the first phase and $800 million in the second phase of the project.