Reliance Industries’ stock tanks 23 pc from its July high
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
Shares price of Reliance Industries on Friday jumped nearly 3 per cent after company’s chairman, managing director Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
At 12.45 pm the heavyweight stock rose 2.77 per cent to Rs 1,702.10, its all-time high, on the BSE.
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On the NSE, it surged 2.82 per cent to its record peak of Rs 1,702.60.
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With this, the company’s market valuation rose by Rs 16,346.65 crore to reach Rs 10,66,034.08 crore in morning trade on the BSE.
Earlier in the day, Ambani announced that Reliance Industries had become net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months
Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm’s digital arm, Jio Platforms, and another Rs 53,124.20 crore through a rights issue in the past 58 days.
Taken together with last year’s sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021,” Ambani had said.
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