Reliance Power's plans to issue bonus shares powered on the Anil Ambani-led firm's shares Monday, cheering investors after the firm's shares tumbled following a record Rs 12,500 crore IPO. After soaring to a high of Rs 429.60, the company's share gave away some gains, but was up 8.47 per cent at Rs 417.30 with volume traded at 70,84,865 against two-week average of 2,44,41,018 shares at 1pm.
The board is scheduled to meet on Feb 24 to consider issuing bonus shares and/or other measures which it said would effectively reduce the cost of the company's shares. Reliance Power's shares, which listed on the stock exchange on Feb 11, slumped to a low of Rs 332.50 on Feb 13, way below its issue price of Rs 450. The share, however, recovered to close at Rs 384 on Friday, helped by three-day market rally.
The slump in Reliance Power infuriated investors, many of whom complained they were lured to invest in the company because of promises from the firm. The company, on the other hand said its shares were hit by weak market sentiment following the global rout.
Source : http://economictimes.indiatimes.com
The board is scheduled to meet on Feb 24 to consider issuing bonus shares and/or other measures which it said would effectively reduce the cost of the company's shares. Reliance Power's shares, which listed on the stock exchange on Feb 11, slumped to a low of Rs 332.50 on Feb 13, way below its issue price of Rs 450. The share, however, recovered to close at Rs 384 on Friday, helped by three-day market rally.
The slump in Reliance Power infuriated investors, many of whom complained they were lured to invest in the company because of promises from the firm. The company, on the other hand said its shares were hit by weak market sentiment following the global rout.
Source : http://economictimes.indiatimes.com
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