Mukesh Ambani’s company lost Rs 1 lakh crore!, shares fell 7% in two days. This fall in the price of RIL shares has also affected the company’s market cap. In the last two sessions, the company’s market capitalization has declined by Rs 1.17 lakh crore.
Shares of Reliance Industries fell 3 per cent to Rs 2,305 per share during early trading on BSE on Tuesday. The company’s stock has fallen 7 percent in the last two sessions. Despite the clarification given by RIL’s subsidiary Reliance Ventures Limited (RVL) regarding the loan of Rs 750 crore given to Shapoor Pallonji Company, this trend of decline in the company’s shares continues.
RIL Market cap fell so much
Reliance New Energy Limited (RNEL) (formerly known as Reliance New Energy Solar Limited) entered into an agreement with Sterling and Wilson Renewable Energy Limited (SWREL) on October 10, 2021. RNEL will acquire 40 percent stake of SWREL under this agreement.
RIL Fall in Stock Market
In the domestic stock markets, there has been a trend of decline for the last 6 sessions. At 12:05 pm on the BSE Sensex, the Sensex was trading at a level of 57,099.97 points, down 391.54 points or 0.68 percent. Similarly, trading was being done at the level of 17,070.80 points on NSE Nifty with a break of 78.30 points i.e. 0.46 percent.
RIL said this in regulatory filing
The Company has informed the stock exchanges that any kind of Disclosure is required under Regulation 30 of LODR in respect of loans given by Reliance Ventures Limited (RVL) to Sterling and Wilson Private Limited (SWPL) registered as a Non-Banking Financial Company. And that’s why Reliance Industries Limited did not make it public.