Reliance Industries shares decline about 1 pc due to weak trends

NEW DELHI, (PTI): Shares of Reliance Industries Limited on Monday fell by nearly 1 per cent in-tandem with weak trend in the equity market.

The market heavyweight stock declined 0.84 per cent to settle at Rs 2,596.80 apiece on BSE. During the day, it hit a high of Rs 2,653.30 and a low of Rs 2,570.

On NSE, it dipped 0.68 per cent to Rs 2,600 apiece.

In volume terms, 5.04 lakh shares of the company were traded on BSE and 91.55 lakh shares on NSE during the day.

The BSE benchmark Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.

Billionaire Mukesh Ambani on Monday announced a Rs 2.75 lakh crore investment plan to expand and diversify his USD 221 billion-empire by rolling out 5G services from October, adding capacity in the core oil and chemical business and taking on rival Gautam Adani with a foray into FMCG sector.

Ambani, 65, also identified the businesses his three children will lead in clear signs of succession planning at India’s most valuable company.

Reliance Jio Infocomm Ltd, the telecom arm of the oil-to-retail conglomerate, will deploy a ”standalone 5G” version which is not dependent on the previous 4G network, to deliver ultra-fast internet connectivity beginning with four metro cities by Diwali and the entire country by December 2023, he said at the company’s annual shareholder meeting. (PTI)