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There was a time when Anil Ambani was one of the biggest billionaires in the country but the situation changed and he fell into debt trap. This also affected Anil Ambani’s Reliance Group of companies which are listed on the stock market. One such company is Reliance Capital. In the year 2007-2008, when the world was experiencing recession, the share price of Reliance Capital was Rs. had crossed 2,700. Investors had faith in this stock, but as Anil Ambani’s financial condition worsened, this stock also collapsed.
what is the situation
Now the situation is that the shares of Reliance Capital are kept in the category of penny stocks. It means that the share price has remained at a nominal level of Rs.10. Until a few months ago, this share went below 5 rupees.
Now discuss why: Shares of Reliance Capital are the talk of the town as it continues to hit the upper circuit of up to 5 percent. An upper circuit means that the stock is so overbought that trading has to be stopped. Currently the share price on BSE index is Rs. is 10.66. As soon as trading started on August 28, the share price crossed Rs.9. Ever since the bullish process started, it is still intact.
Let us tell you that the trading of Reliance Capital was closed for many days. Bombay Stock Exchange The stock had a trading restricted message on its website. The company is going through bankruptcy process and Hinduja Group has emerged as the successful bidder. Debt-ridden Reliance Capital posted a profit of ₹444 crore in the June quarter.