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.
Reliance Industries’ e-commerce portal, JioMart is finally available across several cities after successfully conducting pilot programme in Navi Mumbai, Thane and Kalyan.
Customers can now purchase fruits and vegetables along with groceries via jiomart.com. The JioMart app has not yet been made live.
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As of now, the company has not confirmed the list of cities where the service is active as of now. But after checking by the pin codes it was clear that the service is available for major metropolitan cities including Delhi, Kolkata, Bengaluru, Chennai and Mumbai.
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This mega launch comes at a time when e-commerce companies like Flipkart and Amazon are trying to meet with the demand surge amid low supplies.
JioMart’s website claims to be selling selected product at a minimum discount of 5 per cent of the MRP. The website has listed wide range in products in all categories including dairy, bakery, home care, fruits-vegetables and others.
Websites About page reads as, “We offer you convenience of shopping everything that you need for your home – be it fresh fruits & vegetables, rice, dals, oil, packaged food, dairy item, frozen, pet food, household cleaning items & personal care products from a single virtual store.”
Last month Reliance Industries’ digital arm, Reliance Jio, received an investment of $5.7 billion (Rs 43,574 crore) from Facebook Inc.
With the launch of JioMart, both Facebook and Reliance Reliance Industries, are set to take on already existing e-commerce giants Amazon and Walmart-backed Flipkart for piece of the sector that KPMG believes is set to grow to $200 billion by the year 2027.
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