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Reliance Industries drops

January 11, 2010

CHEMICALS INDIA RELIANCE

Shares in index heavyweight Reliance Industries dropped 1.8 percent on Monday, after it raised $763 million through share sale.

The share sale by energy major Reliance Industries, is seen as part of the company’s bid to take control of Luxembourg-based LyondellBasell.

The deal follows a $577 million share sale last week to state-run Life Insurance Corp of India and a $660 million share sale in September.

“They need the funds for acquisitions – it could be either Lyondell or any other company,” said Prayesh Jain, oil & gas analyst at brokerage India Infoline.

Shares in Reliance Industries have dropped over 3 pct in 2010.

Do you think the shares would drop further before they regain strength and touch a new high?

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