Reliance AGM 2022: Stocks Recoup Losses Before RIL Shareholders Meet, Up 0.11 Per Cent

Reliance AGM 2022: Stocks Recoup Losses Before RIL Shareholders Meet, Up 0.11 Per Cent

Stocks of Reliance Industries (RIL) on Monday was trading down by 0.07 per cent at Rs 2,616 apiece on the BSE during opening trade. At 11 am, RIL entered into the green zone as its stocks were up by 0.11 per cent. 

Sensex and Nifty, the two equity benchmarks, declined sharply during early morning trade tracking weak global cues as US Federal Reserve Chair Jerome Powell delivered a stark message on Friday saying that the Fed will likely impose larger interest rate hikes in the coming months and is resolutely focused on taming the highest inflation in four decades. This has impacted stocks worldwide.

The domestic indices later recouped some of the losses, however, they were still trading in the negative territory.

The Sensex tanked 1,220 points to 57,613.11 in early trade, with all its 30 components trading in the red. The NSE Nifty plunged 355 points to 17,203.90. Both the indices fell over 2 per cent. Later, the two indices recouped some of their losses. The BSE platform was down 825 points to 58,008, while the Nifty was trading at 17,303, down 255 points.

Index major RIL on Monday at 2pm will broadcast its annual general meeting (AGM) simultaneously on a virtual reality platform as well as on five social media platforms as it takes another leap in digitally connecting people for its AGM.

RIL Chairman and Managing Director (CMD) Mukesh Ambani will virtually address shareholders at the 45th AGM in the immersive and interactive 3D world of metaverse, according to reports.

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RIL will be adding two more social media platforms, Koo and Instagram, to its list of digital avenues to broadcast its AGM live this year to digital viewers. It will be available for live viewing on YouTube, Facebook, and Twitter. The company has also activated its 7977111111 WhatsApp Chatbot for its 45th AGM for anyone to easily discover the dates and processes around the AGM, the PTI reported.

According to analysts, the focus may be on the consumer retail business once again this year. RIL stock price may gradually go up after the AGM announcements, the analysts pointed out.