Here’s how Reliance Cap's stock reacted to buzz of stake sale in non-core investments

Reliance Capital gained nearly a percent intraday before registering a fall on reports of a stake sale by the firm in 2 non-core investments.

According to a CNBC-TV18 report, the company was close to exiting its non-core investments, which would mean proceeds of Rs 1,500 crore. It planned to sell 25 percent stake in Mahindra First Choice and 35 percent in Prime Focus. The company could have seen a total capital gain of nearly Rs 800-1,000 crore.

Current Estimates of Reliance Cap's FY17 profit was around Rs 950 crore.

At 14:10 hrs, the stock was quoting at Rs 619.30, down Rs 1.10, or 0.18 percent on the BSE. It touched an intraday high of Rs 625.50 and an intraday low of Rs 613.80.