RIL buys 3 lakh shares; fails to halt fall in prices
Tuesday, January 11 2005 20:42 Hrs (IST) - World Time - 
Mumbai:
Reliance Industries today (Jan 11, 2005) bought over three lakh shares for Rs 16.5 crore on the second day of its buyback programme but failed to prevent the continuous fall in the company share prices.
Following a slide of over Rs seven yesterday, RIL, which has about 11 per cent weightage in the 30-share sensitive index of BSE, shares fell by about Rs eight again today to close at Rs 525.6. BSE index also recorded a loss of over 85 points to touch the month's low of 6222.87.
Spotlight: Battle of Ambanis
The company appeared to be beneficiary of the downtrend as it purchased 3.12 lakh shares today at an average price of Rs 529.58 a share against the average price of Rs 539.62 a share paid by it yesterday for buying over six lakh shares.
RIL Board had approved a price of upto Rs 570 at its meeting on December 27 with the objective to arrest the fall in share prices, witnessed since the proxy war between Ambani brothers became public in mid-November.
In a communication to stock exchanges, RIL, headed by elder brother Mukesh, informed about the purchases made by the company from the open market.
Discuss this topic
RIL had informed stock exchanges yesterday about "an Addendum to the public announcement of December 28, 2004 made by the Company" relating to the buyback programme and published its Chairman Mukesh Ambani's statement of November 22 wherein he had said, "Dhirubhai took, within his life time, all necessary steps to separate ownership from management and made Reliance a world class professionally managed company.
"With his extraordinary foresight, he has also settled all ownership issues pertaining to Reliance within his life time." according to Mukesh.
PTI
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