Reliance stock gains in falling market, unaffected by Jio’s exit from Mukesh Ambani

  • RIL action was down nearly 1% at the start of the trade, after Mukesh Ambani resigned as Reliance jio President.
  • Pankaj Mohan Pawar took over as CEO, while Raminder Singh Gujral and KV Chowdary were appointed independent directors of the company.
  • Reliance Jio is now the largest telecom operator in the Indian market with 406 million subscribers nationwide.

Reliance Industries shares opened on a negative note in early trading and fell as much as 0.9% in early trading after announcing yesterday that Mukesh Ambani was stepping down as chairman of its telecommunications business.

However, the stock quickly recouped its losses and was trading slightly higher at 10:30 a.m. in a falling market, indicating that the markets are indeed applauding the new generation’s entry into the business. Eldest son of Mukesh Ambani, Akash Ambani was named the new president of Reliance Jio.

However, the trust action is currently moving higher and was trading flat earlier. As of 2 p.m. on June 29, RIL’s share price was trading at 2,591, up more than 2%.

Overall, the sensex plunged 564.77 points at the start of the trade, while Nifty was down 162.4 points at 15,687.80.

$RELIANCE.NSEReliance looks good for the climb after Akash Ambani takes over#NewJosh

— (@CuriousCommunity) June 29, 2022

Leadership changes at Reliance Jio

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



Akash Ambani has always been active in the telecom industry and worked closely with a team of engineers who invented and launched an Indian spec-focused Jiophone in 2017.

He has personally led major acquisitions made by Jio in the digital space over the past few years and has also been closely involved in the development of new technologies and capabilities including AI-ML and blockchain.

Reliance Jio is now the largest telecom operator in the Indian market with 406 million subscribers nationwide. In addition to its mobile offerings, the company has also actively increased its broadband business with acquisitions. It has made inroads in the content industry to offer a converged product with JioTV, Jio Fiber and OTT.

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