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Reliance Industries drops

February 18, 2010

RELIANCE-OIL/

The BSE Sensex fell 0.6 percent at 16,327 led by losses in Reliance Industries, Sterlite Industries and ITC.

Shares in Reliance Industries ended 3.3 percent lower at 997 rupees with a volume of 1.1 million shares.

Reliance Industries fell on speculation that it may have to hike its bid for U.S.-based LyondellBasell or abandon it all together after the target settled a dispute with creditors that paved the way for an exit from bankruptcy.

So far this year, the counter has given a net negative return of over 8 percent. Do you think this is the right time to invest in the counter?

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