India Markets closed

Mukesh Ambani’s ‘debt-free’ move: Reliance rallies the most in 2 years

FE Bureau
The stock surged as much as 12% in intra-day trade on BSE, before settling at Rs 1,275.00, up 9.72%.

Shares of RIL rallied the most in over two years as investors cheered company's promise to bring its net debt to zero in 18 months.

The country's largest company by revenues and profit also vowed to reward shareholders with periodic bonuses and higher dividends and other means once it becomes debt free.

The stock surged as much as 12% in intra-day trade on BSE, before settling at Rs 1,275.00, up 9.72%.

The company, which commands about 11% weightage on the Sensex, helped arrest a sharper fall in the indices. Reacting to the announcement, other telecom players like Bharti Airtel and Vodafone Idea fell 5.3% and 6.3%, respectively.