 "FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad. Photo: Reuters")
Trades in Reliance Retail’s unlisted shares are said to have been affected by the announcement of a scheme through which the company’s shares would be exchanged for a stake in the parent company, Reliance Industries Limited (RIL).
Lower-than-expected valuation for the swap and the dashing of hopes of listing gains are said to have weighed on sentiment, according to unlisted share dealers.
One Kolkata-based dealer in unlisted securities said that trades had earlier taken place at a high of Rs800 a share for Reliance Retail. The price implied by the new merger would be under Rs400. This has affected volumes. Another Mumbai-based
