Reliance Industries falls 1.6 per cent after its share prices rose above the maximum buyback price of Rs 870 per share for the first time since the offering was announced on January 20.
Reliance has surged 10.5 per cent over the previous four sessions, riding a rally in cyclical stocks on the back of India's reform measures and the Fed's QE3.
The gains have allowed Reliance to regain its status as the BSE Sensex's biggest market cap from Tata Consultancy Services.
Reliance has bought back a cumulative 39 million of its own shares as of September 11, as per BSE data.
The board of the energy conglomerate approved a buyback of up to 120 million shares, for an aggregate amount not to exceed Rs 10,440 crore.
Copyright @ Thomson Reuters 2012