Shares of Reliance Industries today fell more than two per cent on the BSE to close the below the buyback price of Rs 870 apiece.
During the day,the scrip lost 2.51 per cent and fell to its intra-day low of Rs 851.65. At the end of today’s trading,the stock was quoted at Rs 855.20,down by 2.11 per cent on the BSE.
The share price of RIL yesterday had risen above the ongoing buyback price of Rs 870 apiece for the first time since the repurchase offer began in February.
The scrip today opened at Rs 870,then it touched an intra-day high of Rs 873.95 on the BSE.
According to the information available with the bourses,Mukesh Ambani-led RIL that began a buyback programme of Rs 10,440 crore early this year,has so far purchased shares worth Rs 3,198.35 crore through open market route.
This translates to about 30.63 per cent of the total Rs 10,440 crore amount earmarked for purchase of shares via buyback.
Between February 14 and September 11,the country’s most valued firm purchased 3.90 crore shares at an average price of Rs 819.25 a piece.
Although,the buyback begun in February,but it gained momentum from May when it had touched Rs 692 level.
Ever since the buyback offer launched early this year,the company has never crossed the threshold limit of Rs 870.
Accordingly,the market capitalisation of the company fell by Rs 6,577 crore to Rs 2,76,702 crore from Rs 2,83,279 crore yesterday.
Market experts said the oil and gas giant is buying back shares aggressively from the open market with an aim to shore up stock valuations.