NEW DELHI, Jan. 22 -- The year 2020 was turning out to be a glorious one for shares of Reliance Industries Ltd (RIL) till September. The stock climbed to a high of '2,324.55 in mid-September, surging more than 50% from its pre-covid highs. At the time, the Nifty 50 index was still 5% lower than its highs in mid-February.
RIL shares were flying high on the back of stake sales in its digital arm, Jio Platforms Ltd, followed by the retail arm, Reliance Retail Ventures Ltd. Together with the fundraising at Jio, this took RIL's total fundraising to around '2 trillion.
But the stock has retraced some of its gains vis-a-vis the broader markets since September.
It has fallen by about 17% from its highs in September, while the Nifty 50 has risen ...