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After losing 4 per cent on Monday – a price action which eroded around Rs 66,000 crore in market value – Reliance’s shares had tumbled 2 per cent further on Tuesday. However, by the end of the day, the stock rebounded, gaining 0.9 per cent.

Over the last couple of months Zee, which is India’s largest traded entertainment network, has been embroiled in a bitter battle over management and governance issues with US-based Invesco Developing Markets Fund.

The Rs 1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer, according to data available with the NSE. The portion for non-institutional investors was subscribed 262.08 times, Qualified Institutional Buyers (QIBs) 100.73 times and Retail Individual Investors (RIIs) 49.70 times.

On the technical charts, the RSI of the stock stood at 56.7.

Promoters held 39.73 per cent stake in the company as of 30-Sep-2021, while FII and DII ownership stood at 15.74 per cent and 2.58 per cent, respectively.

The stock traded at a P/E multiple of -13.13, while the price-to-book value ratio stood at 599.54.

A total of 71,383 shares changed hands on the counter till 01:51PM (IST).

“The growth of the Indian economy is where safety lies because there is the demographic dividend, the PLI schemes, the infrastructure push which with the coming Budget, would get a boost. I see that as a safety element, provided we have a medium term perspective,” says Sunil Subramaniam.

The Nifty Realty index was trading 1.46 per cent up at 523.55.

Ashoka Buildcon Ltd., incorporated in the year 1993, is a Mid Cap company (having a market cap of Rs 2861.97 Crore) operating in Infrastructure sector.