Lack of big announcements at AGM hit RIL shares

Reliance Industries' (RIL) shares fell by over 1 per cent on Thursday on profit booking, even as the company said it will invest Rs 1.5 lakh crore across energy, petrochem and telecom businesses over the next three years.

In the run-up to the company's 39th AGM in Mumbai, the scrip had gained nearly 3 per cent in the last trading session.

Marketmen said investors were expecting some big bang announcements, including clearer road-map for the launch of RIL's 4G telecom services.

Chairman Mukesh Ambani, however, gave few details on the long-anticipated launch.

He told shareholders that Reliance, India's fourth-largest company by market value, is eyeing a four-fold increase in revenues from retail business and a sustainable growth in its shale gas business in US.

"The company plans to increase capacity at its existing petrochemical plants and build new ones, drill more wells to boost flagging oil and gas production, open more retail stores and shortly start high-speed broadband service," he said.

After falling over 1.5 per cent to Rs 788.20 in intra-day trade, RIL shares ended the day at Rs 792.30, down 1.03 per cent from its previous close on the Bombay Stock Exchange.

At the National Stock Exchange, it was down 1.38 per cent to Rs 790.95.

"Profit-booking led to decline in the stock," said Kishor Ostwal, CMD, CNI Research.

Meanwhile, the BSE Sensex ended the day at 19,519.49, down 48.73 points.

With inputs from PTI