RIL stock gains in a falling market, unaffected by Mukesh Ambani’s Jio exit

• RIL stock was down by almost 1% in the early trade, after Mukesh Ambani stepped down as Reliance Jio chairman.
• Pankaj Mohan Pawar took over as the managing director, while Raminder Singh Gujral and K V Chowdary were appointed as independent directors of the company.
• Reliance Jio is the largest telecom operator in the Indian market today with 406 million subscribers nation-wide.

Reliance Industries’ stock opened on a negative note in early trade and dropped as much as 0.9% in early trade, after it announced yesterday that Mukesh Ambani is stepping down as the chairman of its telecom business.

However, the stock regained its losses quickly and was trading slightly higher at 10:30 am, in a falling market — indicating that the markets are indeed cheering the entry of the new generation into the business. Mukesh Ambani’s eldest son, Akash Ambani was named as the new chairman of Reliance Jio.

However, the Reliance stock is moving upwards currently and was trading flat earlier. As of 2 p.m, June 29, the share price of the RIL was trading at 2,591, up by over 2%.

Overall, the sensex nosedived by 564.77 points in the early trade, whereas Nifty declined 162.4 points to 15,687.80.

Management changes at Reliance Jio

Mukesh Ambani had stepped down as the director of Reliance Jio effective June 27. Pankaj Mohan Pawar took over as the managing director, while Raminder Singh Gujral and K V Chowdary were appointed as independent directors of the company.

Akash Ambani has always been active in the telecom business and was closely working with a team of engineers who invented and launched an India-specs focussed Jiophone in 2017.

He personally led the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with development of new technologies and capabilities including AI-ML and blockchain.

Reliance Jio is the largest telecom operator in the Indian market today with 406 million subscribers nation-wide. Apart from their mobile offerings, the company has also been actively increasing its broadband business with acquisitions. It has been making inroads into the content business to offer a converged product with a JioTV, Jio Fibre and OTTs.

SEE ALSO:
Meet Akash Ambani — new chairman of Reliance Jio and owner of Mumbai Indians
Bajaj Consumer believes that its premium offerings must be ‘affordable’