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Drumbeat: Ad Buzzaar
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Wednesday, August 19, 1998
Reliance GDR hammered to rupee equivalent of Rs 101.5
OUR MARKET BUREAU
MUMBAI, Aug 18: The price of Reliance GDRs dropped below the $ 5 mark to $ 4.70 in the overseas market in the mid-session, which translates into Rs 101.50 since each GDR carries two shares. In mid-session the RIL GDRs were quoted at $ 4.70, down from $ 5.50 on the previous day. The GDR loss of close to $ 1.7 from $ 6.4 on August 10, has been much sharper than the fall in the domestic price from Rs 127 to Rs 115.10. The fall in the domestic market is 9.37 per cent, while in the GDR market it is 26.56 per cent.In the domestic market bears tightened their grip on the Reliance counter, with the stock registering a new low of Rs 114.50, closing at Rs 115.10 with a phenomenal volume of 61 lakh shares. While market players attribute the fall in Reliance stock price to the continuous hammering by local bears, the fact that the GDRs have been falling much sharper seems to have prompted the arbitrageurs at this counter.
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