Shares of Reliance Industries dropped more than one per cent to Rs 2408.45, before settling at Rs 2422, commanding a total market capitalisation of more than Rs 16.38 lakh crore.
During the AGM, Ambani didn t share update on growth ambitions or the timelines of a potential IPO of Reliance Retail but analysts expect him to likely spin off/IPO Jio and Retail during his current tenure.
RIL shares: Investments in the 'New Energy' segment are starting to play out for RIL gradually, with others segment having grown in revenue by 10 times over FY18-23.
RIL AGM: Reliance has cumulatively invested more than $150 billion in the last 10 years, which was higher than any other corporate in India, Ambani said in his speech.
“The companys stock experienced a decline due to the absence of clear timelines regarding the telecom and retail IPOs,” said Santosh Meena, Head of Research, Swastika Investmart. In the last two years, shares of RIL have ended in the red on the day of the AGM address. This is the third consecutive time Ambani has disappointed investors by making no big-bang announcements.