For much of 2020, Reliance Industries Ltd (RIL) was the toast of the town. Its fund-raising blitz—which saw it raise a combined $27 billion through stake sales in Jio Platforms and Reliance Retail—was an unrivalled display of both ambition and potential. The stock market, however, has since been the sun to Reliance’s Icarus. After the euphoria, the market seems jittery about the company’s famed execution prowess not being able to match sky-high expectations.
The burden of expectations has weighed heavy on India’s most valuable conglomerate, and even in the midst of a roaring bull run, the price of its stock has dropped.