Reliance Industries shares erase early gains, close nearly 1% lower

Shares of Reliance Industries on Wednesday erased all its early gains to close the day nearly 1 per cent lower on profit booking.

The scrip had gained 1 per cent in the early trade after the company said global private equity firm General Atlantic will invest Rs 3,675 crore to buy 0.84 per cent stake in its retail arm.

The stock, which rose 1 per cent to Rs 2,267.55 during the day on the BSE, witnessed profit booking during the fag-end of the trade and closed 0.49 per cent lower at Rs 2,233.75 .

On the NSE, it closed 0.62 per cent lower at Rs 2,231. During the day, it jumped 0.97 per cent to Rs 2,267.

In volume terms, 15.61 lakh shares were traded on the BSE, while over 1 crore shares changed hands on the NSE during the day.

Also read: General Atlantic to invest Rs 3,675 crore in Reliance Retail

General Atlantic will invest Rs 3,675 crore to buy 0.84 per cent stake in Reliance Retail Ventures Ltd (RRVL), Reliance Industries said in a statement.

This is the third private equity investment in Reliance Retail, following US-based Silver Lake's Rs 7,500-crore investment for a 1.75 per cent stake and global private equity firm KKR's Rs 5,550-crore investment for a 1.28 per cent stake earlier this month.

"This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year," the statement said.

Reliance Retail Limited, a subsidiary of RRVL, operates India's largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.