A maturing market amid the mayhem
Reliance Industries drops
Shares in index heavyweight Reliance Industries dropped 1.8 percent on Monday, after it raised $763 million through share sale.
The share sale by energy major Reliance Industries, is seen as part of the company’s bid to take control of Luxembourg-based LyondellBasell.
The deal follows a $577 million share sale last week to state-run Life Insurance Corp of India and a $660 million share sale in September.
“They need the funds for acquisitions – it could be either Lyondell or any other company,” said Prayesh Jain, oil & gas analyst at brokerage India Infoline.
Shares in Reliance Industries have dropped over 3 pct in 2010.
Do you think the shares would drop further before they regain strength and touch a new high?