RIL, RPL investors lose Rs 6,800 cr in a day

Investors in Mukesh Ambani Group companies Reliance Industries (RIL) and Reliance Petroleum (RPL) lost nearly Rs 6,800 crore in a day today even as RIL absorbed the refining unit in a share swap deal.

The combined market capitalisation of RIL and RPL saw a an erosion of Rs 6,752 crore after the shares of the two firms declined over 3 and 1 per cent, respectively, on the Bombay Stock Exchange.

RIL's market valuation dropped by Rs 6,279.74 crore to Rs 1,92,813.82 crore, while RPL's fell by Rs 472.5 crore at Rs 3,3817.50 crore.

Shares of RIL, the heaviest in elite the Sensex group, closed down 3.15 per cent at Rs 1,225.15 after plunging more than four per cent during intra-day. A total of 16.63 lakh RIL shares changed hands on BSE.

Reliance Petroleum also closed lower by 1.38 per cent at Rs 75.15 after plummeting over 8 per cent during the day, though anaysts said the share swap ratio 16:1 was slightly in advantage to the refining company.

Analysts said the overall bearish sentiment pulled down the market and even the RIL-RPL merger announcement could not lift the sentiment as the benchmark Sensex nosedived by 284 points.