Subdued Mukesh Ambani at AGM hits RIL shares

Jun 07 2013, 14:06 IST
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Mukesh Ambani photo by Reuters Mukesh Ambani photo by Reuters
SummaryMarketmen said that investors were expecting some big bang announcements.

Mukesh Ambani's RIL (Reliance Industries) shares today fell by over 1 per cent on profit booking even as the company said it will invest Rs 1.5 lakh crore across energy, petrochem and telecom businesses over the next three years.

Marketmen said however that investors were expecting some big bang announcements, including clearer road-map for the launch of RIL's 4G telecom services.


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After falling over 1.5 per cent to Rs 788.20 in intra-day trade, the bellwether scrip ended the day at Rs 792.30, down 1.03 per cent from its previous close on the BSE.

At the NSE, it was down 1.38 per cent to Rs 790.95.

"Profit-booking led to decline in the stock," said Kishor Ostwal, CMD, CNI Research.

In the run-up to the company's 39th AGM today, the scrip had gained nearly 3 per cent in the last trading session.

RIL Chairman Mukesh Ambani, however, gave few details on plans for its long-anticipated launch of 4G services.

He told shareholders that Reliance, India's fourth- largest company by market value, is eyeing a four-fold increase in revenues from retail business and a sustainable growth in its shale gas business in US.

The company plans to increase capacity at its existing petrochemical plants and build new ones, drill more wells to boost flagging oil and gas production, open more retail stores and shortly start high-speed broadband service, he said.

Meanwhile, in the stock market, the BSE benchmark Sensex ended the day at 19,519.49, down 48.73 points.

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