RIL Reliance Industries Market Cap Decreased By 40000 Crores

The bad effect of the words of Reliance Industries Chairman Mukesh Ambani is visible on the shares of his company.
RIL Reliance Industries Market Cap Decreased By 40000 Crores
Image Credit: Dainik Bhaskar

The bad effect of the words of Reliance Industries Chairman Mukesh Ambani is visible on the shares of his company. After breaking up to about 1.5 percent yesterday, the company's stock has broken up to 3% today. Today there has been a decrease of 40 thousand crores in market capitalization.

Share prices fall since morning

The stock of Reliance Industries is falling since this morning. It is currently trading at Rs 2,081. Its market cap has gone up to Rs 13.25 lakh crore. At the close of the market yesterday, the stock stood at Rs 2,153 while the market cap was Rs 13.65 lakh crore. That is, in two days its market cap has declined by 70 thousand crores from Ambani's words.

Made many announcements

Ambani made a lot of announcements at the company's 44th AGM yesterday. In this, investments of more than 90 thousand crore rupees in various projects, new phones of Jio, and growth in retail were talked about. Along with this, he also indicated to complete the deal with Saudi Aramco which has been stuck for two years. But the investors of the market did not get any effect from his words. AGM's shares were already down. It was expected that Ambani can make some good announcements. However, despite good announcements, the market did not take their words seriously.

3.5 lakh people from different countries participated in this AGM. Last year 3 lakh people from 41 countries participated.

Disappointment at 44th AGM

In the 2019 AGM, Mukesh Ambani had announced a deal for a 20% stake with Saudi Aramco. After 2 years once again he has said the same thing that it will be finalized soon. Investors didn't see a clear picture on this either.

Source: Google/ Image Credit: Jagran Josh
Source: Google/ Image Credit: Jagran Josh

Company Performance Outstanding

Mukesh Ambani said that the performance of Reliance has been consistently outstanding. Its total revenue has been Rs 5.40 lakh crore. As a big company of the country, Reliance's contribution to the country's economy has been good. 75 thousand new jobs have been given. Our oil to chemical business continued to struggle with challenges due to the slowdown in the economy. Reliance is still the only company globally that is running its operations at full capacity and making a profit every quarter.

Net debt-free balance sheet

Mukesh Ambani said that Reliance completed the net debt-free balance sheet before March 2021. Our target was till March 2021. It was completed two years ago. Reliance has announced a strategic partnership with Saudi Aramco. Saudi Aramco Chairman and Kingdom Governor Yasser Al-Rumayen have joined the board of Reliance Industries. The kingdom is a $430 billion sovereign wealth fund. That is, the deal with Saudi Aramco can be completed soon.

In the last 10 years, Reliance has invested $90 billion in the value of the country and its shareholders. In the coming decade, Reliance will invest $200 billion directly and with partners. Reliance had raised Rs 3 lakh 24 thousand 432 crores last year. This money was raised through Jio Telecom, Retail, and rights issues among other ways.

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