Reliance Industry scrip on a see-saw

DALAL STREET SPIKES

The Reliance Industries scrip had a highly volatile day out on the bourses. In early trades, the counter hit a low on Anil Ambani's statement that considering a buyback at this stage was completely inappropriate as there were several other issues that the group faces and those needed to be addressed.

But the scrip recovered in afternoon trades after the company announced that at the meeting of the board of directors, the entire board, with Anil Ambani, VC & MD, abstaining, has approved the proposal for buyback of the fully paid equity shares of Rs 10 each from the open market through stock exchange(s) route at a price not exceeding Rs 570 per equity share payable in cash, upto an aggregate amount not exceeding Rs 29,990 million.

The counter hit an intra-day high of Rs 544.80 and a low of Rs 505, before eventually closing lower at Rs 516.85, down 1.29 per cent from its previous close. More than 77.70 lakh shares were traded on the BSE.