Reliance Industries Limited (RIL) shares traded in red on Friday, a day after the country’s biggest company by market capitalisation held its 44th annual general meeting. The stock is trading at ₹2,108.10, down by 2.11 per cent. It has touched an intraday high of ₹2,159.80 and an intraday low of ₹2,126.50, according to a report by Money Control.
On Thursday, the shares of the conglomerate fell 2.4 per cent, the most in more than two months, reported Bloomberg. The oil to telecom giant shares fell 2.5 per cent and was the biggest drag to the Nifty 50, according to a morning report of Reuters. The market was largely unchanged as the fall in Reliance was offset by gains in financial stocks, Reuters reported.
During the AGM, Reliance Industries chairman Mukesh Ambani welcomed Saudi Aramco chairman Yasir Al-Rumayyan as part of its board as an independent director and wished that the two companies can formalise 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 branching out into completely new businesses,” Bloomberg quoted Horace Chan, an energy analyst at Bloomberg Intelligence as saying. “That raises concerns whether the investments could generate acceptable return and payback period, given the time to acquire technology know-how and seek strategic partners,” Chan added, reported Bloomberg.
In the AGM he declared that the company has achieved the target of net debt-free balance sheet before its target date of March 2021, a promise made by the chairman two years ago. It also earned a consolidated revenue of over ₹5.4 lakh crore with consolidated earnings before tax, interest, depreciation, amortization (EBITDA) of ₹98,000 crore.
“Even in a challenging environment, RIL’s performance continued to be outstanding,” the country’s richest man said on Thursday during the AGM.