Shares of Reliance Industries were trading lower today despite reports that RIL was at an advanced stage of talks to acquire online furniture brand Urban Ladder and milk delivery platform Milkbasket.
The index heavyweight opened at Rs 2103.15 and later touched an intraday low of Rs 207, falling 2.09% as against the last closing of Rs 2,114.10 on BSE. The stock also touched an intraday high and low of Rs 2107.3 in the session so far. RIL stock has fallen 2.31% in the last 4 days.
The stock trades higher than 20, 50, 100 and 200-day but lower than 5-day moving averages. RIL stock has fallen 1.4% in one week.
Mukesh Ambani-led conglomerate is reportedly inching closer to a deal with Milkbasket. Discussion with Urban Ladder has also been going on for the last few months and is now at an advanced stage, suggest media reports.
As per reports, Milkbasket had held talks with Amazon and Alibaba-backed online grocery retailer BigBasket, but the discussions failed to fructify to a mismatch in valuation expectations.
Besides these two, reports also suggest that the oil conglomerate is also in talks to acquire e-pharmacy startups like Netmeds and lingerie retainer Zivame as it aims to consolidate with Future Retail.
The company has recently raised more than $20 billion, including from Facebook and Alphabet's Google, for Reliance's digital arm, Jio Platforms. Meanwhile, RIL share price has risen by almost 10% in one month and 38% since the beginning of the year.