Reliance Industries share closes lower after eight sessions, here's why

Reliance Industries Ltd (RIL) share slipped in trade today after the conglomerate issued a clarification to BSE with respect to a report that it may buy Future Group's retail biz for Rs 27,000 crore. The firm said, "We are unable to comment on media speculation and rumors and it would also be inappropriate on our part to do so."

Share price of RIL fell after eight consecutive days of gain. RIL share lost 4.89% intra day to Rs 2,071 against previous close of Rs 2,177 on BSE. Later, the  stock closed 3.75% or Rs 81.60 lower at  Rs 2,095.

Reliance Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  Market cap of the firm fell to Rs 13.28 lakh crore on BSE. Share price of India's largest firm by market cap has risen 72.63% in one year and 38.09% since the beginning of this year. In a month, the share has gained 21.34%. Total 15.23 lakh shares changed hands amounting to turnover of Rs 323.17 crore.

RIL in a clarification to BSE said, "Our company evaluates various opportunities on an ongoing basis. Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the Company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."

BSE had sought clarification from RIL with respect to a news article titled "RIL May Buy Future Group's Retail Biz For Rs 27,000 crore" which appeared in LiveMint. The article said RIL was close to buying Future Group's retail assets for Rs 24,000-27,000 crore to bolster its position in India's retail segment."

On July 27, 2020, RIL share hit its all-time high of Rs 2,198 on the back of positive investor sentiment arising out of several global investors announcing fund infusion into the conglomerate's digital arm. Buying sentiment was further noticed on reports that Amazon was in talks to acquire nearly 10% stake in Reliance Retail.

Mukesh Ambani-led RIL may acquire Future Group's retail business for Rs 27,000 crore

On July 15, RIL chairman Mukesh Ambani announced global technology giant Google would invest Rs 33,737 crore for a 7.73 per cent stake in Jio Platforms, the subsidiary which houses its telecom and digital operations.

RIL share hits all-time high; market cap nears Rs 14 lakh crore mark

Before the AGM, a string of investments by global firms led to the rally in RIL stock. Jio attracted several big-ticket investments from technology companies and financial funds.

A series of fund infusion started with social media giant Facebook saying that it would invest $5.7 billion in Jio to acquire 9.9 per cent stake. Gradually more money came Jio's way, including investment from Intel and Qualcomm. "With Google investment), the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore," said Jio.

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