Stocks

RIL shares tank nearly 4 per cent on profit-booking; m-cap plunges ₹45,014 cr

PTI New Delhi | Updated on July 15, 2020 Published on July 15, 2020

Mukesh Ambani, Chairman, RIL

Shares of Reliance Industries Ltd (RIL) declined nearly 4 per cent on Wednesday due to profit-booking amid a slew of announcements at its annual general meeting.

The stock closed at ₹1,845.60, down 3.71 per cent, on the BSE as fag-end selling emerged at the counter. Intra-day, it touched an all-time high of ₹1,978.50.

On the NSE, it dipped 3.89 per cent to settle at ₹1,842.35 after rising 3.22 per cent to a record high of ₹1,978.80 during the day.

The company’s market valuation tumbled ₹45,014.51 crore to ₹11,70,000.49 crore on the BSE.

In terms of volume, 28.39 lakh shares were traded on the BSE and over six crore on the NSE.

RIL was the biggest drag on the BSE 30-share index and NSE 50-share index.

“Markets gave off gains in the latter part as Reliance Industries plunged around 4 per cent after scaling to its life-time high, witnessing profit-booking post its AGM,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Google has agreed to invest ₹33,737 crore to buy a 7.7 per cent stake in Reliance Industries’ technology venture, adding to a slew of investments since April that has crossed ₹ 1.52 lakh crore.

The California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for ₹43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.

“We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest ₹33,737 crores for a 7.7 per cent stake in Jio Platforms,” RIL Chairman Mukesh Ambani said at the company’s annual general meeting.

With Google coming on board, Reliance has completed its target of capital raising for Jio Platforms, he said.

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Published on July 15, 2020
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