Mumbai, Mar 2: Shares of the country's largest private sector firm, Reliance Industries, on Monday opened in the negative territory, while its refining subsidiary Reliance Petroleum started the day on a bullish note on the Bombay Stock Exchange.
The board of directors of Reliance Industries and Reliance Petroleum on Monday approved the merger of the two firms, creating one of the world's largest petrochemical entity and offered the shareholders of RPL one RIL share for every 16 shares held by them.
Shares of Reliance Industries opened down 1.24%, then dipped further to touch an intra-day low of Rs 1,213.20, a fall of 4.09% from its last closing price.
Meanwhile, shares of RPL opened up 7.61% on the BSE, and touched its intra-day high of Rs 82 after the board approved the scheme of amalgamation.
"The share swap ratio was in favour of RPL and this got reflected during the opening trade on bourses," Arun Kejriwal, director of Kejriwal research and investment services, said adding that at present both the shares would move according to broader market sentiment.
Markets have adjusted to the share price difference and are ruling at par now, from here onwards shares of both the companies Reliance Industries and Reliance Petroleum would move in "uni-direction", Kejriwal added.