Click to play videoNew Delhi: Retail investors holding Reliance Power stock finally have reasons to smile.
The stock had shot up 10 per cent on Monday morning after Anil Ambani announced he would give bonus shares to all stockholders.
Ambani’s well-timed move was to compensate for losses suffered after the share price dropped sharply, since trading began last Monday.
All together, retail investors lost a total of over Rs 475 crores at the time of the IPO which, at Rs 140 crores, was India's biggest.
On the day of its listing Reliance Power performed miserably at the stock exchanges.
Now, over four million shareholders are estimated to benefit from the bonus offering.
Reliance Power has also demanded an investigation by regulator SEBI into what it sees as market manipulation by its rivals to hammer down all ADA stocks.
Reliance Energy ED, J P Chalsani said that the bonus shares are a result of the strong bond that the company shares with its investors. He also blamed the meltdown in the global markets for the stock's poor performance.
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