Money on the markets
A maturing market amid the mayhem
The BSE Oil & Gas index ended 0.8 percent lower on Monday with all but one of its constituent stocks closing in the red.
The big mover of the day was Reliance Natural, which dropped 27.2 percent after a deal to fold into sister firm Reliance Power valued the company at a steep discount to its market capitalisation on Friday.
The stock ended with trading volumes of 18.7 million shares on the BSE and was the second-most traded counter.
Other big losers in the index included Aban Offshore which slipped 2.54 percent, and HPCL which dropped 1.9 percent. GAIL was the only stock that closed in the green, rising 0.85 percent.
Shares in Reliance Natural hit an intra-day high of over 6 percent on Friday after chairman Anil Ambani signed a revised gas supply agreement with brother Mukesh’s Reliance Industries.
The counter, which had opened lower, trimmed gains made after the announcement and closed 3.2 percent up at 65.95 rupees. Shares in Reliance Industries closed 1.1 percent higher.
Shares in companies controlled by the billionaire Ambani brothers were among the big gainers on Monday after the two moved towards resolving a long-running strife.
The BSE Sensex ended 0.15 pct higher led by Reliance Industries which gained 2.5 percent at 1021 rupees.