RIL shares gain nearly 1.5% post acquisition of majority stake in Netmeds

RIL's acquisition comes at a time when arch-rival Amazon has just started selling pharmaceutical products in Bangalore markets.

Shares of Reliance Industries (RIL) rallied as much as 1.47 per cent to Rs 2,150 apiece on the BSE on Wednesday after the Mukesh Ambani-owned conglomerate on Tuesday announced the acquisition of a majority equity stake in Chennai-based online pharmacy delivery startup Netmeds (Vitalic Health Pvt. Ltd) for a cash consideration of approximately Rs 620 crore. 

At 09:23 AM, the stock was ruling at Rs 2,138.40, up nearly 1 per cent against Tuesday's close of Rs 2,118.75. In comparison, the benchmark S&P BSE Sensex was trading over 0.5 per cent higher at 38,736.60 levels. RIL's shares had hit an all-time