Stocks of Reliance Petroleum Ltd fell below its offered price to trade at Rs 59.60 per share on the bourses on Thursday on selling by retail investors even as the Bombay Stock Exchange benchmark Sensex lost 560 points in early trading.
The RPL shares, which jumped to Rs 101 on their debut on May 11 against their offered price of Rs 60, remained under pressure along with the generally weak trend. The issue was oversubscribed by 50 times.
The trading activity at this counter was brisk and recorded over 122 block deals in about 74 lakh shares in first two hours of trade.
Selling pressure spilled over a wide front, placing the Sensex to trade lower by 556.96 points at 9,200.80 points at 11.30 am, a level last seen on December 14, last year.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group