Reliance buys back 200,000 shares @ Rs 520

Reliance Industries on Wednesday bought another two lakh shares under its ongoing buyback programme at an average price of Rs 520.91 a share but failed to lift the sentiments at its counter despite a near two per cent rise in Bombay Stock Exchange.

In a communication to stock exchanges, RIL said it bought the shares for a consideration of Rs 10.42 crore (Rs 104.2 million).

The scrip of RIL, which had approved a price of up to Rs 570 a share to buy back 10 per cent of its equity from the open market, closed the day at Rs 520.20, up by about Rs two from previous day's close.

Till now RIL has bought over 15 lakh shares from the market and has spent over Rs 81 crore (Rs 810 million) against an earmarked sum of Rs 2,999 crore (Rs 29.99 billion) for the purpose.

At its Board meeting on December 27, RIL had said that the objective of approving up to Rs 570 for buying back its shares was to arrest the fall in share prices, which has been witnessed since the proxy war between Ambani brothers became public in mid-November.

But the company has failed to lift the price of its shares despite an over 118 points rally in the Sensex on Wednesday.