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For Reliance Industries' shareholders, the company's 37th Annual General Meeting turned out to be a disappointment.
Shareholders were expecting some clarity on the falling production from the Krishna-Godavari basin block (D6).
They wanted to know more about RIL's foray into the financial services space. However, their questions remained unanswered.
“I am quite disappointed with this year's AGM. I wish there had been more clarity about the company's exploration and production at the KG D6 block,” said Mr B.S. Patel, an investor.
Why is share price falling?
The company received 48 queries from the shareholders who were mainly concerned about the underperformance of RIL's scrip over the last fiscal.
“Why is the company's share price falling when it has reported good financial results and is growing stronger by the day?” questioned Ms Ashalata Maheshwari, a shareholder.
The Chairman, Mr Mukesh Ambani, and other dignitaries on the dais simply laughed off the question. “RIL is one of the biggest companies in India and we would expect the Chairman, Mr Mukesh Ambani, to be more transparent about the company's operations at the AGM. But, the AGM was disappointing and little came out of it,” said another investor at the AGM.
Pre-event scenario
The billionaire Chairman arrived with his wife exactly five minutes prior to the scheduled time with a host of relatives in tow amidst tight security and paparazzi. The family arrived in Land Rovers, Mercs and BMWs.
Investors, who arrived before time, were seen in discussions about the likely announcements Mr Ambani would make.
While some shareholders came with the intention of finding out about the company's plans, many came just to take a look at Mr Ambani.
Speech disappoints
The Chairman's speech dealt with broad categories such as business and financial performance, petrochemicals, organised retail and exploration and production. Mr Ambani, however, refrained from going into details.
Investors complained that most of what was said in the speech was mentioned in the annual report.
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