NEW DELHI: Shares of Reliance Industries traded flat on Monday amid reportts that the oil-to-telecom behemoth may soon hit the market with the initial public offering for its telecom arm Jio.
The stock had scaled fresh all-time high of Rs 1,035 on Thursday.
On Monday, it traded at Rs 1,013 apiece, up just 0.14 per cent.On Monday, Mint reported that RIL was considering the IPO of its telecom unit Reliance Jio Infocomm in two to three years.
The news first hit the market in December 2017, when Bloomberg reported about plans of the Mukesh Ambani firm to bring the IPO by early 2019.Considering the way Jio has disrupted the telecom industry, the IPO is seen as the move of the unicorn to break free from the tag of being a subsidiary of a petroleum refinery firm.
Since its inception in September 2016, the firm has seen steady growth, inflicting pain on other telecom players through a cut-throat price war.Jio's emergence has jolted the domestic telecom industry and its competitors have been trying to figure out ways to counter its aggression.
Reliance Industries reported a 17 per cent year-on-year rise in profit for March quarter at Rs 9,435 crore.