Rs 9,000 crore bet! Reliance Industries promoters increase stake by 0.5% in June quarter

Reliance Industries promoters increased their stake by 0.5% in the June quarter through market purchases worth around Rs 8,500-9,000 crore, within SEBI-prescribed open offer thresholds. The buying signals promoter confidence in the company's long-term prospects despite the stock falling over 6% year-to-date and erasing about Rs 3.53 lakh crore in investor wealth. Reliance has missed profit estimates in recent quarters due to slowing retail earnings, weaker oil-to-chemicals performance from Chinese competition and geopolitical headwinds, and margin pressure from festive discounting and labour code impacts.