According to the Black-Scholes formula, what will be the value of the hedge ratio of a...

According to the Black-Scholes formula, what will be the value of the hedge ratio of a put option for a very small exercise price?

Black-Scholes pricing formula

Financial economists searched for years for a workable option-pricing model before Black and Scholes (1973) and Merton (1973) derived a formula for the value of a call option. Now widely used by options market participants, the Black-Scholes pricing formula for a European-style call option is