Today the Sensex closed at the level of 52925 with a gain of 226 points. On the other hand, after the Reliance AGM meeting, the decline in the shares of Reliance continues. Know the three main reasons for the decline in its shares.
Reliance shares fell 5.45 percent this week.
Share Market Updates: On the last day of the week the stock market was bullish. Sensex closed at 52925 level with a gain of 226 points and Nifty closed at 15860 level with a gain of 70 points. This week the stock market closed in the green mark in four trading sessions and in the red mark in one trading session. In the same week, the Sensex also crossed the 53 thousand mark for the first time.
On a weekly basis, this is the fifth consecutive week when the market has closed sharply. The Sensex rose 1.11 per cent this week. On the other hand, the pressure on Reliance’s shares has increased since the AGM meeting. Today again Reliance’s stock closed at Rs 2104.45 with a fall of 2.28 percent (slip by Rs 49.05). Reliance’s shares have continued to fall for the last four trading sessions. On a weekly basis, Reliance’s shares fell by 5.45 percent this week.
AGM meeting was held on June 24
There was a Reliance AGM meeting on 24 June. In this meeting, the company’s chairman Mukesh Ambani made many big announcements, despite this there is a fall in the company’s shares. Experts are giving three main reasons for the fall in the shares of Reliance.
1. When the Reliance-Aramco deal was first reported in 2020, it was said that Reliance Industries would sell a 20 percent stake in its O2C business to Saudi Aramco for $15 billion. Reliance was valued at $75 billion at that time. It is being said in some media reports that Aramco will buy 15 percent stake for $ 20 billion, but no statement has been issued by the company regarding the number. At present, Reliance has included the chairman of Aramco on its board.
2. In the AGM meeting, no plan was put forward to list Reliance Jio and Reliance Retail. The market expected that the separation of Jio and retail business could be announced in this meeting.
3. Reliance has announced 75 thousand crores for green and renewable energy business. There is no doubt that it will have a bright future but in the short term it will hurt the company.
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