Reliance Industries Stock Falls Amid AGM and IPO Plans for Jio
Shares of Reliance Industries Ltd dropped over 2% amid profit-taking on the day of its annual general meeting. The company announced plans to list Jio, currently a unit of Reliance, on bourses through an IPO by the first half of 2026, subject to necessary approvals.
- Country:
- India
Reliance Industries Ltd shares took a hit, losing more than 2% as investors engaged in profit-taking during the company's annual general meeting on Friday. Initially gaining some ground, the stock then tumbled and settled at Rs 1,357.05 on the BSE, marking a notable decline in its valuation.
On the NSE, the share price followed a similar trend, closing at Rs 1,357.20. The market valuation of the company was reduced by Rs 41,409.36 crore, reflecting the downturn. This volatility arose amid announcements surrounding Jio, India's leading telecom operator and part of Reliance Industries.
In his address, Mukesh Ambani disclosed that Jio plans to launch an IPO and list shares by the first half of 2026, pending regulatory approvals. Though specific details on the share volume remain undisclosed, speculation points to a potential 10% share sale, as Jio anticipates expanding its reach further.
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