Another block deal on RIL counter, stock slips

The Reliance Industries counter witnessed four block deals in which 391.20 million shares changed hands on Monday. The details of the buyers and sellers were not known.

The stock slipped by Rs 8 or 0.67 per cent to Rs 1,292 in morning trade following the transaction. The broader market index, Sensex, was trading nearly 150 points down at 29,506.

This is the third largest block deal on the counter over the past seven trading sessions.

Last week entities owned by promoters led by Mukesh Ambani bought and sold 39 crore shares or 12 per cent of India’s second most valuable company’s equity worth Rs 50,000 crore in a set of block deals on the bourses.

On March 9, 15 firms belonging to the Mukesh Ambani-led promoter group had sold 39.61 crores shares or 12.2 per cent stake of the company to eight of their own firms through block deals.

Meanwhile, the large deals had little impact on the stock, which settled 1.5 per cent for the week at Rs 1,300.65.