Reliance Industries Ltd (RIL) shares opened nearly 50% lower today but bounced back, closing up 1.53% in response to significant corporate announcements. The stock opened at Rs.1,345.40, plummeting from Friday’s close of Rs.2,655.45, primarily due to RIL’s declaration of a 1:1 bonus share issue. This move, one of the largest bonus issues in India, will distribute one additional share for each held by investors, with October 28 set as the record date for eligibility.
Historically, RIL’s last bonus issue was in 2017, during which its share price surged by 266%. Despite today’s volatility, the company continues to be a key player in sectors such as petrochemicals, telecommunications, and retail. Recent financial reports indicate a slight decline in consolidated net profit for the September quarter, dropping to Rs.16,563 crore from Rs.17,394 crore year-over-year. However, operational revenue showed a modest increase of 0.2%.
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Market analysts suggest that while the stock’s technical indicators show a bearish trend, there is potential for recovery as investor sentiment stabilizes post-announcement. The broader market will be closely monitoring RIL’s performance as it navigates these changes.
