Reliance Industries Shares Drop Over 2 Percent

Shares of Reliance Industries Ltd declined over 2 per cent amid profit-taking on the day of its annual general meeting on Friday.

The bellwether stock lost momentum soon after the beginning of the annual general meeting and later dropped 2.21 per cent to settle at Rs 1,357.05 apiece on the BSE. At one point during the day, the stock hit a high of Rs 1,403, up 1.10 per cent. During the day, it declined 2.69 per cent to Rs 1,350.30.

On the NSE, the stock fell by 2.07 per cent to settle at Rs 1,357.20 per piece. Intra-day, shares of the firm edged lower by 2.59 per cent to Rs 1,350.

The company's market valuation eroded by Rs 41,409.36 crore to Rs 18,36,424.20 crore.

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Reliance Jio, India's biggest telecom operator, is planning to launch an initial public offering (IPO) and listing on bourses in the first half of 2026, billionaire Mukesh Ambani said on Friday.

Jio is currently a unit of Reliance Industries Ltd, India's most valuable company.

Addressing the annual shareholder meeting of the company, Ambani said, "Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals."

Jio, in its 10th year of operation, has crossed 500 million (50 crore) user base, he said.

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While Ambani did not disclose the quantum of shares to be listed, markets are speculating a 10 per cent share sale. Jio Platforms - the holding company of all digital properties, including telecom arm - is currently 66.3 per cent owned by Reliance Industries Ltd.

Facebook (now Meta) holds a 10 per cent stake in Jio Platforms, while Google has another 7.7 per cent. PE investors have the remaining 16 per cent.