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BW Businessworld

Reliance Shares Turn Negative After AGM

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Shares in Reliance Industries turned negative on Friday, after rising as much as 1.7 per cent, as the lack of any major announcement by its Chairman Mukesh Ambani at the company's annual shareholder meeting disappointed investors.

Reliance shares were down 0.5 per cent at Rs 946.70 by 12:29 p.m. (0659 GMT) in a Mumbai market that was little changed.

"People were expecting him (Mukesh Ambani) to make major comments on future plans," said Arun Kejriwal, director at research firm KRIS. "Nothing significant has been spoken."

Reliance, the largest listed firm in India, is controlled by Mukesh Ambani, the world's ninth richest man with a net worth estimated at $27 billion, according to Forbes.

(Reuters)