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Analysts, however, pointed out the outperformance of the banking and IT business that dethroned RIL from top spot. For instance, the overall business growth of Indian banks remained healthy in the previous two-three years even as asset quality of banks, especially state-owned banks, suffered a blow. “It is true, the stock has remained in a narrow range due to the decline in natural gas output. However, it is not about Reliance, it is a wider base that has gained and other stocks that have performed well,” said a Mumbai-based analyst with a British multinational banking and financial services company.
A separate set of data show a number of foreign institutional investors (FIIs) were on the decline over the past two years. According to shareholding numbers, the number of FIIs had dropped to 1,085 in March 2013 from a record 1,276 in March 2011, even as overall stake of FIIs rose marginally.