Reliance Industries share fell in early trade today despite a report that said the Mukesh Ambani-led oil-to-retail conglomerate is in the race to acquire Debenhams, a British multinational retailer operating department stores in the UK with franchise stores in other countries.
Share price of RIL slipped 1.74% to Rs 2,190 against previous close of Rs 2229 on BSE. Market cap of the firm fell to Rs 14.89 lakh crore.
The share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.
The large cap share has gained 72.3% in one year and risen 45.5% since the beginning of this year. The share has surged over 5% in a month. Total 2.31 lakh shares changed hands amounting to turnover of Rs 50.82 crore. At 10:53 am, RIL share was trading 1.30% lower at Rs 2,200 on BSE.
"The Reliance Retail empire, which last year bought the world-famous British toy store Hamleys, is among a small number of parties in discussions with advisers to Debenhams about acquiring part or all of the 242-year-old retailer," said a Sky News report.
The takeover of Debenhams is likely by the end of September.
Debenhams is owned by a consortium of lenders. The retailer has been in administration since April, with investment bankers at Lazard responsible for coordinating talks with potential buyers, Sky News said.