RIL stock drops on consolidation move

New Delhi: Reliance Industries Ltd (RIL) shares traded marginally lower by 0.91 per cent on Tuesday after the company announced consolidation of

all its media and distribution businesses under flagship 'Network18'.

Shares of Network18 Media & Investments traded 4.89 per cent higher at Rs 30.05 on the BSE. RIL stock traded at Rs 1,465. While shares of the three group entities namely Hathway Cable & Datacom, Den Networks and TV18 Broadcast -- which have been merged into Network18 -- rose as much as 20 per cent.

Hathway Cable & Datacom gained 20 per cent to hit upper circuit at Rs 23.10 on the BSE. Den Networks stock also touched the upper price band after gaining 9.98 per cent to Rs 59.50. TV18 Broadcast scrip was trading higher by 12.72 per cent at Rs 28.35.

Under the scheme of arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments, which will be an integrated media and distribution company with a revenue of Rs 8,000 crore.

According to the scheme, for every 100 shares of TV18, Hathway and Den, their shareholders would get 92, 78 and 191 shares, respectively, of Network18.