RIL shares erase early gains after AGM

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In the morning trade, the stock rose as much as 1.81% to Rs1,008.50, but erased all the gains and fell as much as 1.21% to Rs 978 in intraday trade on BSE. Photo: Mint

In the morning trade, the stock rose as much as 1.81% to Rs1,008.50, but erased all the gains and fell as much as 1.21% to Rs 978 in intraday trade on BSE. Photo: Mint

New Delhi: Shares of Reliance Industries Ltd erased all morning gains and fell nearly 1% in afternoon trade. In the morning trade, the stock rose as much as 1.81% to Rs 1,008.50, but erased all the gains and fell as much as 1.21% to Rs 978 in intraday trade on BSE. At 1 pm, RIL stock was down 0.98% at Rs 980.30, while the Sensex was trading flat. At the company’s annual general meeting, RIL chairman Mukesh Ambani today announced Reliance Jio’s fiber-based fixed line broadband services, Jio GigaFiber. Reliance Jio is targeting 5 crore Jio GigaFiber home customers and 3 crore small merchants and shop-keepers, said Ambani.

After the announcement of Jio GigaFiber, shares of broadband providers declined with Den Networks Ltd plunging 11.40% to Rs66.05 and Hathway Cable and Datacom diving 18.48% to Rs19.85.

Mukesh Ambani predicted that optical fixed line broadband is the future and is confident that Reliance Jio will take India to the top 5 in fixed line broadband services globally in the coming years.

Moreover, RIL also introduced two bonanza offers for Reliance Jio customers. Jio Phone 2, an upgraded version of JioPhone, will be sold at an introductory price of Rs 2,999 and your old feature phones can be exchanged for a new JioPhone for just Rs 501.

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