While the rationale behind the bets remains unclear, analysts believe the sharp fall in Reliance shares to fresh lows may have prompted traders to position for a rebound. The stock has underperformed the Nifty amid persistent foreign investor selling, rising oil prices and a weakening rupee. The bets come ahead of the ₹30,213 crore IPO of Jio Platforms, which opens on Wednesday and runs through Friday.
“I would say this is the rarest of rare cases, wherein two clients have taken large leveraged positions on Reliance Industries, which to my memory has not figured on the MWPL list,” said Kruti Shah, quant analyst at Equirus Securities.
