No 'Big Bang' makes Reliance stocks dip.
Economic Times (New Delhi, India), August, 2005
Aug. 4--MUMBAI, India -- Reliance group stocks tanked on Wednesday after the shareholders' meeting of Reliance Industries (RIL) ended with no big bang announcement of a large overseas acquisition or of a dramatic oil or gas find.
Speculation had been rampant that RIL chairman Mukesh Ambani would announce a big acquisition abroad, the discovery of a large oil or gas field or perhaps even a bonus and a stock-split. The company's market capitalisation had soared past the Rs 1-lakh crore mark on Tuesday, the first time a local private sector company had achieved such a feat.
The stock, which surged to a high of Rs 760 intra-day, plunged 3.81 percent to Rs 713.7 as about 1.36 crore shares changed hands on the BSE. On Wednesday, after what many investors...
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