The Hindu Business Line : Big block deal in ONGC shares valued at Rs 745 cr

According to sources, a group company of Reliance Communications India Ltd, Smart Solutions, was the seller, and the buyers were several FIIs. However, till late evening the details of the deal were not disclosed to the stock exchange. Normally a deal of such big size is disclosed to the stock exchanges.

The deal was struck within minutes of the opening of the market at Rs 865.

However, after the deal the stock price of the oil major fell. At the end of the day, the stock closed at Rs 856.30, down 0.94 per cent from the previous close, on the BSE with a total volume of 1.04 crore shares.

On the NSE, it closed at Rs 856.80, down 1.15 per cent, with a volume of 19.15 lakh shares.

Brokers said Reliance Infocomm bought the shares in the public offer of ONGC in 2004 at Rs 750 per share.

Brokers said several FIIs are interested in the stock of ONGC but due to low liquidity there is not much interest.

However, they feel that with more than 85 lakh shares being brought by several FIIs, the interest could increase.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
AI Express may also fly on domestic routes

Anomalies in fringe benefit tax will be removed: Govt

`Rules on fringe benefit to leave little room for discretion'

What's so BAD about the cash withdrawal tax?

Big block deal in ONGC shares valued at Rs 745 cr

.in domain latest victim of cybersquatting

European textile majors gung-ho on India