Reliance shares fell 2.5 percent and were the biggest drag to the Nifty 50, according to a morning report of Reuters.
Shares of Reliance Industries Limited (RIL) traded in the red on Friday, a day after the nation’s largest company by market capitalization held its 44th annual general meeting. The stock is trading at 2,108.10, down 2.11%. It hit an intraday high of 2,159.80 and an intraday low of 2,126.50, according to a report from Money Control.
Shares of the conglomerate fell 2.4% on Thursday, the highest in more than two months, Bloomberg reported. Shares of the oil telecommunications giant fell 2.5% and was the main drag on the Nifty 50, according to a morning report from Reuters. The market was largely unchanged as Reliance’s fall was offset by gains in financials, Reuters reported.
At the AGM, the chairman of Reliance Industries, Mukesh Ambani, welcomed the chairman of Saudi Aramco, Yasir Al-Rumayyan, to its board of directors as an independent director and hoped that the two companies could formalize their partnership soon. Ambani also unveiled a 75,000 crore green energy plan towards its goal of achieving sustainability. He also announced the launch of new smartphones in partnership with Google.
“Reliance is going into whole new business,” Bloomberg said, quoting Horace Chan, energy analyst at Bloomberg Intelligence. “This raises concerns about whether the investments could generate a return seeking strategic partners,” Chan added, Bloomberg reported.
At the general meeting, he said the company had achieved the goal of a net debt-free balance sheet by its target date of March 2021, a promise the president made two years ago. It also generated a consolidated turnover of over 5.4 lakh crore with a consolidated profit before taxes, interest, depreciation and amortization (EBITDA) of 98,000 crore.
“Even in a difficult environment, RIL’s performance continued to be exceptional,” the country’s richest man said at the AGM on Thursday.
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