Advertisement

RIL shares decline over 2% after Jio delays launch of ultra low-cost smartphone

06:48 PM Sep 13, 2021 | PTI

Shares of Reliance Industries Ltd on Monday declined by more than 2 per cent after Jio delayed the launch of its ultra-low-cost smartphone, possibly due to semiconductor shortages that the industry is facing.

The market heavyweight stock declined 2.22 per cent to close at Rs 2,371.55 on the BSE. During the day, it dipped 2.36 per cent to Rs 2,368.10.

Advertisement
Advertisement

At the NSE, the stock dropped by 2.30 per cent to close at Rs 2,369.80.

Advertisement

In volume terms, 2.25 lakh shares were traded at the BSE and over 75.27 lakh shares at the NSE during the day.

The company's market valuation also tumbled Rs 34,169.6 crore to Rs 15,03,430.63 crore on the BSE.

Jio has delayed the launch of its ultra-low-cost smartphone it is developing with Google, to Diwali, possibly due to semiconductor shortages that the industry is facing.

JioPhone Next was previously slated to be launched on Friday (September 10).

Billionaire Mukesh Ambani, at the shareholder meeting of his flagship Reliance Industries Ltd in June, had stated that the JioPhone Next will be available for purchase on September 10.

JioPhone Next has been designed in partnership with Google and it is for those who are looking to upgrade from 2G to 4G connectivity.

Announcing the new timeline, the company, however, did not reveal the pricing of the phone.

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement