Reliance Industries Ltd.'s share price fell to the lowest level in over 10 months on Monday amid heavy selloff. This comes after its bonus shares started trading. The allotted bonus shares started trading on Friday in a special annual trading session for Diwali.
Reliance Industries allotted a total of 676,62 crore bonus equity shares with face value of Rs 10 each on Oct 29. The company announced the issue of bonus shares in 1:1 at its annual general meeting in August.
Reliance Industries was the top dragger of the NSE Nifty 50. The stock is the second in the benchmark based on its weightage. It has 8.50% weightage.
Reliance Industries share price declined 4.00% to Rs 1,285.10, the lowest level since Jan 8. The stock pared losses to trade 2.85% down at Rs 1,299.00 apiece as of 3:20 p.m., as compared to 1.25% decline in the NSE Nifty 50 index.
The 52–week high of the stock is Rs 1,608.80 apiece, which it touched on July 8. Reliance Industries last hit its 52–week low of Rs 1,149.03 apiece on Nov 10, 2023.
The stock gained 10.86% in 12 months, and 0.12% on a year-to-date basis. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 27.47, which implied the stock is oversold.
Out of 38 analysts tracking the company, 31 maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell', according to Bloomberg data.
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