Reliance Industries shares reverse early gains; close nearly 1 pc lower

New Delhi, Jun 8 () Shares of Reliance Industries on Monday pared all its early gains and closed nearly 1 per cent lower on profit-booking.

In early trade, shares of Reliance Industries had jumped nearly 3 per cent after the company sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore.

Shares of the company closed at Rs 1,570.05, a dip of 0.67 per cent after gaining 2.74 per cent to one-year high of Rs 1,624 during the day on the BSE.

On the NSE, it declined 0.62 per cent to close at Rs 1,571.80 after rising 2.32 per cent to Rs 1,618.40 -- its 52-week high -- during the day.

Reliance Industries on Sunday said it sold 1.16 per cent stake in Jio Platforms to ADIA for Rs 5,683.50 crore, taking the cumulative fund raising to Rs 97,885.65 crore that will help pare debt at the oil-to-telecom conglomerate.

"This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. ADIA's investment will translate into a 1.16 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.

With this investment, Jio Platforms has raised Rs 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks. SUM SHW SHW