Reliance Nippon Life hits 52-week high in weak market; surges 12%

The stock hit a 52-week high of Rs 260 today. It has rallied 38 per cent in the past three months, as compared to a 1 per cent rise in the S&P BSE Sensex.

Shares of Reliance Nippon Life Asset Management (RNAM), popularly known as Reliance Mutual Fund (MF), hit a 52-week high of Rs 260, up 12 per cent in the intra-day trade on the BSE on Tuesday in an otherwise weak market.

In the past three months, the stock of Reliance Nippon Life has outperformed the market by surging 38 per cent after Nippon Life Insurance on May 23, 2019 signed binding definitive agreement with Reliance Capital (Rcap) to increase stake in RNAM up to 75 per cent. In comparison, the S&P BSE Sensex  has gained just1 per cent during the