Reliance Infrastructure lost 3.59% to Rs 503.40 at 12:11 IST on BSE, with the stock sliding on profit taking after recent rally.
Meanwhile, the S&P BSE Sensex was down 261.86 points or 0.82% at 31,630.37.
On the BSE, 3.23 lakh shares were traded on the counter so far as against the average daily volumes of 3.02 lakh shares in the past one quarter. The stock had hit a high of Rs 526 and a low of Rs 500 so far during the day. The stock had hit a 52-week high of Rs 635.35 on 9 September 2016 and a 52-week low of Rs 426.45 on 9 November 2016.
The stock had outperformed the market over the past one month till 1 September 2017, sliding 0.79% compared with the Sensex's 2.1% fall. The stock had also outperformed the market over the past one quarter, surging 8.79% as against the Sensex's 2.42% rise. The scrip had underperformed the market over the past one year, sliding 10.93% as against the Sensex's 12.2% rise.
The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.
Shares of Reliance Infrastructure (RInfra) had rallied 12.42% in the preceding seven trading sessions to settle at Rs 522.15 on Friday, 1 September 2017, from its close of Rs 464.45 on 22 August 2017.
RInfra issued a clarification to the stock exchanges late last month with reference to the news item titled 'Greenko eyes Reliance Infrastructure's Mumbai power business for $2 billion'. RInfra said that it is engaged in various initiatives to unlock value in its existing businesses, including inter alia the Mumbai power business, roads and transmission, and to thereby significantly reduce its overall leverage. The company shall make appropriate disclosures on the occurrence of a disclosable event. The company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading.
With regard to the proposed initial public offering of units by Reliance Infrastructure InvlT Fund, sale of cement business and divestment of Mumbai power distribution business, the company has made the necessary disclosures to the stock exchanges from time to time, RInfra added.
On a consolidated basis, net profit of Reliance Infrastructure declined 23.8% to Rs 334.17 crore on 3.7% rise in net sales to Rs 7189.21 crore in Q1 June 2017 over Q1 June 2016.
RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
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