Shares of Reliance Industries closed 1.2% lower today after S&P Global Ratings said that the Mukesh Ambani led firm's sizable proceeds from asset monetisation over the past four months should significantly improve its credit quality.
"RIL's deleveraging could exceed our expectations, given the extent and magnitude of its asset monetisation," the rating agency said. RIL share price has fallen after 2 days of consecutive gain.
RIL shares fell even as Saudi Aramco said it was still working on a deal to buy a $15 billion stake in Reliance Industries' refining and chemicals business, reported Bloomberg.
RIL shares fell in mid-July after Mukesh Ambani said a transaction had been delayed "due to unforeseen circumstances in the energy market and the Covid-19 situation."
Reliance Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 82% in one year and gained 40% since the beginning of this year. The large cap share fell 1.77% intra day to Rs 2,108 against previous close of Rs 2,146 on BSE.
Later, the share closed 1.26% or Rs 27 lower at Rs 2,119. Market cap of the firm fell to Rs 13.43 lakh crore.
The asset monetisation occurred despite operations that are trending weaker than anticipated for the fiscal year ending March 31, 2021. The oil-to-telecom conglomerate has amassed Rs 2.1 lakh crore in investment proceeds since Facebook announced its investment in its digital unit Jio Platforms Ltd (JPL) in April 2020.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today