Reliance AGM: RIL shares drop by nearly 4%, market-cap melts by Rs 45,000 crore

Shares of Reliance Industries Ltd (RIL) tanked nearly 4 per cent on July 15 even after a number of announcements at the 43rd AGM, including Google’s investment. RIL shares plunged by 6.15 per cent in intraday trade and ended at Rs 1,842.35, a 3.89 per cent dip. According to media reports, investors were expecting some progress on the deal with Saudi Aramco.

Mukesh Ambani said that the deal has not progressed as per the original timelines, leading to disappointment among investors which reflected on the share market. However, the other big announcements gave some respite to the investors including another mega investment by a global tech-giant. Ambani announced that Google will invest 33,737 crores for a 7.7 per cent stake in Jio Platforms.

Ambani said that Reliance is now truly a zero Net Debt company, well ahead of his goal of March 2021. He said that the world will change more in the next eight decades than it did in the last 20 centuries and India can lead this change if its enterprises are empowered with necessary tech infrastructure and capabilities. 

“We (Jio) can create compelling solutions that span multiple industry verticals and ecosystems like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing and smart mobility,” added Mukesh Ambani.

Read: Reliance AGM: Jio Ready With 'world-class 5G Solution', Expected To Roll Out In 2021

Jio 5G by 2021

The 63-year-old Indian business magnate said that Jio has developed a complete 5G solution from scratch, that will enable it to launch a world-class 5G service in India using 100 per cent homegrown technologies and solutions. He dedicated the Jio 5G Prime Minister Narendra Modi’s Aatmnirbhar Bharat initiative. The RIL chairman said that Jio’s network has held firm despite a huge surge in data traffic due to the COVID-19 pandemic.

Read: Reliance AGM: Isha Ambani Highlights Impact Of JioMart, Embibe, And JioHealthHub