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Journalism of Courage
Reliance Broadcast Network (RBNL) closed lower by over 3 per cent on the Bombay Stock Exchange,paring its early sharp gains on government approval to foreign investment in the company.
The shares of the company,controlled by billionaire Anil Ambani,ended 3.19 per cent down at Rs 66.85 on BSE.
The stock had surged by 7.02 per cent to an intra-day high of Rs 73.90,boosted by the government’s decision to permit a Rs 45.47 crore foreign investment in the company.
The stock lost its gaining momentum on the bourse after the mid-session led by profit booking by the investors amid weakness in the broader market.
The Foreign Investment Promotion Board had approved a foreign investment of Rs 45.47 crore in RBNL,translating into up to 20 per cent of the total paid-up capital of the company.
The FDI in RBNL is likely to attract funds from investors,including Citigroup Global and Goldman Sachs.
Meanwhile,the BSE 30-share benchmark index Sensex nosedived by 545.92 points to close at 17,632.41.
