Reliance Industries’ scrip pared early gains to fall by 0.12 per cent in the mid-session on Friday as its Chairman Mukesh Ambani did not come out with a concrete investment blue-print at the annual general meeting of shareholders.
Shares of RIL slipped to a low of Rs 1,070, down 0.12 per cent over the previous close, on Bombay Stock Exchange. In early trade, RIL had rose by 1 per cent to a high of Rs 1,084.
“The market was expecting more from RIL, but the company announcements at the AGM could not give anything concrete to lift investor sentiment and thus the shares are seeing some correction,” CNI Research CMD Kishore. P. Ostwal said.
The weakness in RIL, which has the highest weightage in the benchmark index Sensex, pulled the gauge 43.69 points, or 0.24 per cent, down to 17,573 points.
Mukesh Ambani, while addressing RIL shareholders at the 36th annual general meeting in Mumbai on Friday, said the company is drawing mega investment plans in coal, hydel and nuclear power.
On the National Stock Exchange, RIL fell to a low of Rs 1,062, down 0.81 per cent.
However, the company proposed 70 per cent dividend, or Rs 7 a share, for 2009-10 fiscal on the face value of Rs 10 a piece.
Meanwhile, another Mukesh Ambani Group firm Reliance Industrial Infrastructure Ltd soared 7.25 per cent to a high of Rs 1,079 on BSE.
