RIL’s swap offer wipes out 50% value in Reliance Retail shares.
Shares of Reliance Retail plunged around 50 per cent in the unlisted market on Thursday, a day after Reliance Industries proposed a share swap scheme for shareholders of its retail venture.
The country’s biggest firm by market valuation on December 25 proposed a swap ratio of 4:1, which implied investors can get one share of RIL for every four shares held in Reliance Retail.
A lot of retail investors lost over half their money as Reliance Retail was trading at Rs 850-900 till a few days back.