The Reliance Industries board will meet on December 27 to consider a share buyback proposal.
This will be the first board meeting after the spat between the Ambani brothers --- Mukesh Ambani, chairman and managing director, Reliance Industries, and Anil Ambani, vice-chairman and managing director --- broke out in mid-November over control of the Rs 99,000 crore group.
The meeting also comes a day before the birth anniversary of the group's patriarch, the late Dhirubhai Ambani.
The Reliance scrip jumped to the day's high of Rs 488.90 before closing at Rs 480.65, 0.10 per cent higher over Friday's close. The Reliance Industries counter recorded the highest turnover on both the major exchanges, with a combined turnover of Rs 1,404 crore on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Over 8.1 million Reliance Industries shares were traded on the Bombay Stock Exchange and 21.09 million on the National Stock Exchange.
Since the row between the brothers spilled into the public realm, Reliance Industries' market capitalisation has eroded by about Rs 9,000 crore, from Rs 76,207 crore on November 18 to Rs 67,117 crore today.
The price of the company's stock fell from Rs 543.75 to Rs 480.65 during this period. And even as the BSE Sensex scaled new heights
