Reliance Industries has been divided between Mukesh (left) and Anil (right) Ambani

Reliance shares worth 14bn rupees ($311m) were traded in the exclusive session at the Bombay and National Stock Exchanges.

Reliance has been split between the two Ambani brothers who head it, Mukesh and Anil, after a bitter feud.

Reliance has the largest investor base in India with 3.1 million shareholders.

The BBC's Monica Chadha in Mumbai (Bombay) says it is one of the most traded shares on the benchmark Bombay Stock Exchange.

Wednesday's special trading was held to fix a new price for the company share after four of its businesses - in power, telecom and financial services - were hived off.

They are now headed by Anil Ambani and will be listed later this year.

The readjusted share price reflects Reliance's core oil, gas and petrochemical businesses which are controlled by the older Ambani brother Mukesh.

The company's share of the Bombay Stock Exchange has also fallen from 12% to 9.67%.

Profits likely

But analysts say that Reliance shareholders are in for good times in the long run.

Sushil Choksey of brokerage firm RosyBlue Securities told the BBC News website that shareholders should wait until the four companies headed by Anil Ambani start trading.

"The market anticipates that the value of these shares, combined with the value of a Reliance Industries share, would be more than what the old share was worth," he said.

Under the terms of the split, Reliance shareholders will also receive some shares of the new companies based on their existing stake.

Reliance was founded 46 years ago by one of India's most famous entrepreneurs, Dhirubhai Ambani, to trade in polyester yarn.

Dhirubhai Ambani died intestate in July 2002, leaving the brothers to battle for control of a massive conglomerate that spans numerous industrial sectors.