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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, India’s top listed firm, dropped over 2 percent on Friday and ended as the top loser among Sensex components.
Losses in Reliance contributed the most in dragging the benchmark lower by 174 points. The energy major’s shares have slipped nearly 5.5 percent over the week.
Reliance Industries, India’s top listed company, struggled on the first trading day of the week after posting disappointing results on Friday.
The energy major slipped 3.7 percent to close at 1939 rupees, dragging the BSE Oil & Gas Index down 3 percent.