Shares of the Mukesh Ambani flagship dropped as much as 1.5%, making it the third session of losses.
India’s rising wave of new coronavirus cases and stricter curbs on people and business operations pose a challenge for Reliance Industries Ltd.’s sprawling businesses. India’s largest company by market value reported lower-than-forecast earnings for the March quarter after the market closed on Friday.
In March, according to Morgan Stanley, domestic institutional ownership in the company led by Asia’s richest person Mukesh Ambani was at a decade low, while there was a “creep up” in foreign institutional holding.
