Anil Ambani-led Reliance Natural Resources (RNRL) today tanked over 28 per cent in the early trade, a day after its board approved the company’s merger with sister firm Reliance Power, whose shares climbed above 8 per cent.
In a volatile market, shares of ADAG firm RNRL slipped as much as 28.51 per cent to touch a-month low of Rs. 45.50 on Bombay Stock Exchange. Later, the scrip was trading at Rs. 47.05, down 26.08 per cent at 0945 hrs.
On Sunday, in a Rs. 50,000-crore all-stock merger deal, the boards of RPower and RNRL approved an exchange ratio of one equity share of R-Power for every 4 equity shares of RNRL.
In a sharp contrast to RNRL, shares of Reliance Power zoomed 8.36 per cent to touch a high of Rs. 189.80 on BSE.
The 30—share BSE benchmark Sensex was trading at 17,457.14 points, down 0.02 per cent from previous close.
Following the merger, the current valuations peg the market cap of the combined entity at over Rs. 52,000 crore. At the end of Friday’s trade, the market cap of RPower stood at Rs. 41,979 crore and of RNRL at Rs. 10,394 crore.
