REL stock falls

Reliance Energy stocks came under heavy selling in afternoon trades after the company set its maximum buy-back price at lower than the ruling market price. Just before the announcement, which hit the market around mid-afternoon, REL was trading at Rs 550.75 down 1.7pc compared with Tuesday8217;s closing price of Rs 560.60. It plunged soon after the announcement of the buy-back price. At 14:56 IST, REL shares plunged 6 on BSE to Rs 525.50. The stock hit a low of Rs 516.55 earlier on. However, fresh buying in the last half-hour8217;s trade resulted in the stock recovering from the lower levels to settle at Rs 540.05, down 3.67pc from its previous close.