Anil Ambani group’s Reliance Natural Resources Ltd saw over 3.3 crore of its shares, worth over Rs 525 crore, changing hands amid rumours that its promoters were looking to sell off some of their holdings.
“No shares have been sold in Reliance Natural Resources Ltd. We have no intention to sell any shares in RNRL,” a Reliance ADA group spokesperson said in a statement in reaction to the speculation.
This speculations hit the bourses on the first trading day after Mukesh Ambani group’s flagship company Reliance Industries said after the market-close on Friday that it has sold 18.04 crore shares, amounting to a 4.01 per cent stake, of another group company Reliance Petroleum in open market transactions.
“It is not our philosophy to sell shares in the open market without disclosure, at the cost of retail investors,” an ADAG statement said.
“In the interest of transparency, we will disclose sales on a daily basis, if ever made, even though longer time frames are statutorily allowed by SEBI,” it noted.
According to information available with bourses, over 26 crore RNRL shares were traded at the NSE with a total turnover of Rs 360 crore, while another 1.03 crore shares changed hands at the BSE with a value of Rs 164 crore.
Together, close to 3.3 crore shares of RNRL were traded today on the two bourses with a collective turnover of close to Rs 525 crore. The stock was among the top-ten traded counters at both the bourses.
At the BSE, RNRL shares closed at Rs 157.50, down 0.44 per cent, after hitting an intra-day high of Rs 163.20. The shares closed at Rs 157.55, down 0.4 per cent at the NSE, after a high of Rs 164 earlier in the day.