RNRL tanks 27 per cent post merger
ADAG firm Reliance Natural Resources (RNRL), on Monday, sank over 27 per cent, while group firm Reliance Power closed up over 3 per cent after touching a 52-week high intra-day.
The boards of both companies, on Sunday, approved the merger of RNRL with Reliance Power in an all-stock deal with an exchange ratio of one equity share of R-Power for four shares of RNRL.
Shares of RNRL plunged 27.26 per cent to close at Rs 46.30 on the Bombay Stock Exchange. The scrip touched a-month low of Rs 45.50, down 28.51 per cent during the day. On the contrary, shares of Reliance Power remained strong even in a volatile market to surge to a 52-week high of Rs 189.80, up 8.36 per cent. The stock, however, pared the early rally and closed at Rs 181.40, up 3.57 per cent.
