Share price of Reliance Capital hit upper circuit in trade today after mortgage lender HDFC said it bought 6.43 percent stake in the debt-trapped company by invoking pledged shares. Reliance Capital share price closed 5% higher at Rs 7.42 compared to the previous close of Rs 7.07 on BSE.
The stock has risen 67.12% in the last 8 days. It stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
It has lost 94.89% in last one year and fallen 50% since the beginning of this year. Total 55.08 lakh shares changed hands amounting to turnover of Rs 4.07 crore on BSE. Market cap of the firm rose to Rs 187.51 crore.
The stock hit its 52 week high of Rs 156.30 on April 26 , 2019 and 52 week low of Rs 3.70 on March 25, 2020. These shares were acquired pursuant to invocation of the pledge by the security trustee on behalf of the corporation, which was pledged against a loan given by the lender, HDFC Ltd said.
Following this, the company acquired 25.27 crore shares of Rs 10 each, it said, adding the total value of the shares was Rs 252 crore.
by Aseem Thapliyal