Reliance Inds Dips Below Rs 300

Among key pivotals, the Reliance scrip was the worst affected falling below Rs 300 during intra-day trading.

There were reports of huge unloading of the RIL stock towards the close, with nearly 10 lakh shares being sold at the NSE in the last hour. An FII was said to be involved in the deal.

RIL closed the day on the BSE at Rs 292.50, down Rs 8.50 over the previous close. At the NSE, the scrip closed at Rs 292.90, down Rs 8.30 over the previous close. The sharp slide has baffled marketmen as the scrip was holding strong at Rs 304 levels in recent days, despite disappointing results. Players said the scrip came under lot of selling pressure from FIIs and domestic institutions towards close.

These institutions reportedly offloaded substantial amounts of their holdings in the scrip. As yesterday was the second last day of the settlement at the NSE, brokers said many operators unwound their positions due to uncertain market conditions.At the NSE, the scrip was hovering at the Rs 296-295 levels for most part of the day.