RIL recommences share buyback, stock trims early losses

Shares of Reliance Industries , a flagship company of Mukesh Ambani group, pared losses significantly following the company recommenced its share buyback programme from Thursday.

Reliance says share buyback is a reflection of management confidence in the company.

Shares tanked as much as 2 percent in early trade to hit an intraday low of Rs 805.25 today after the India Against Corruption leader Arvind Kejriwal made allegations against Reliance Industries saying the company has blackmailed the government by reducing gas production. "After promising 80 mmscmd, RIL is producing 30 mmscmd," Kejriwal said.

But the Reliance denied the allegations. "The statements made by IAC are devoid of any truth or substance whatsoever and are denied," the company said.

During the half year ended September 2012, the company has bought 3.5 crore equity shares worth Rs 2,520 crore.
 
At 12:39 hours IST, shares fell 0.45 percent to Rs 801.65 on the Bombay Stock Exchange.

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