After registering a hike of 24%, the RIL stocks are now coming down on the BSE, NSE and other bourses. After reaching 1% near the record price, the RIL shares have come down 6%. The Reliance shares were trading 0.7% lower at Rs 1,508.10 on Thursday on the BSE. The slide began on Wednesday when the RIL shares slipped 2% following reports that the Reliance Jio Platform had postponed its widely publicized and much-anticipated IPO for 2025.
A day earlier, Reuters reported that the Mukesh Ambani-owned telecom giant has decided not to launch its planned IPO this year. It also said that Jio wants to achieve higher revenue and a bigger subscriber base for its telecoms business. At the same time, the $100 company wants to expand its other digital offerings to boost its valuation before an initial public offering.
The share price of the conglomerate RIL fell sharply and lost as much as 1.8%, or $6 billion in market value. Reliance Industries Ltd closed 1.2% down at the BSE, with its significant weighting in the NSE opening a new tab into negative territory. It is interesting to note that about 80% of Jio Platforms' latest annual revenue of $17.6 billion came from its telecoms business of Reliance Jio Infocomm.
Reliance Jio is also set to take on Elon Musk-owned Starlink in the internet service in India. Jio counts on Google and Meta and has also partnered with Nvidia to develop AI infrastructure.