As the stock price of Reliance Industries Limited hit an all-time high of Rs 1,624 on the BSE, the RIL story has defied experts and naysayers who cast doubts on the share’s instrinsic value and commented that the price will fall post rights issue that closed on June 3.
The RIL all-time high came on Monday, a day after it announced 1.16 per cent stake sale in Jio Platforms, to Abu Dhabi Investment Authority for Rs 5,683 crore. Since the countrywide lockdown was announced on March 24, Reliance has generated 66.5 % returns for its shareholders, more than double the 28.6% returns generated by the benchmark Nifty-50.The all-time high of RIL has defied defied experts and naysayers and continues to hit new record highs. RIL share price was adjusted for the rights issue ahead of the record date of May 14, 2020. The price had corrected nearly 4% as the share went ex-rights. In the F&O segment, RIL’s lot size was revised to 505 from 500 earlier. RIL closed India’s largest rights Issue with 1.6 times oversubscription with strong demand from the non-promoter category.