Reliance stock gains as Akash takes driver’s seat at Jio, brokerages upbeat

Investors gave Reliance Industries (RIL) the thumbs up on Wednesday – a day after the company announced that chairman Mukesh Ambani was stepping down from the board of Reliance Jio Infocomm to make way for his son Akash.

The Ambani scion, who is 30, will take over as chairman of the board, the announcement said on Tuesday, coming at a time when telecommunication companies are preparing for 5G auctions next month.

RIL owns 67 per cent stake in Jio Platforms, which fully owns Reliance Jio Infocomm.

Shares of RIL closed trade nearly 2 per cent up on Wednesday over the previous day’s close on the BSE at Rs 2,579.05 apiece, even as the broader market remained weak.