Debt-free status propels RIL stocks to record high

Internet Desk | Updated on June 19, 2020

Mukesh Ambani

Shares of Reliance Industries Ltd (RIL) gained 7 per cent to a record high of ₹1,788.80 and are up for the second straight day on the news of the company announcing debt-free on Friday.

RIL has become net debt-free ahead of the target of March 31 next year, its Chairman Mukesh Ambani said on Friday after his oil to telecom conglomerate raised ₹168,818 crore in 58 days.


“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31 March 2021,” Ambani said in a statement.

It is also the top point contributor to the upside on the Nifty50 index.

With this, the company’s market valuation rose by ₹16,346.65 crore to reach ₹10,66,034.08 crore in morning trade on the BSE.

Earlier yesterday, Saudi Arabia’s Public Investment Fund had announced an investment of ₹11,367 crore in lieu of a 2.32 per cent stake, in Jio Platforms Ltd, a subsidiary of Reliance Industries.

Published on June 19, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like