Shares of Reliance continued to slump for the second straight session as the conglomerate’s annual general meeting (AGM) seems to have disappointed investors.

What Happened: The oil-to-telecom conglomerate held its 45th AGM where it announced several new launches and informed shareholders about company updates. One of the most talked about updates was the appointment of all three Ambani children, Isha, Akash, and Anant to the company’s board.

Apart from this, the company also announced the launch of Jio AirFiber and initial plans for Jio Financial Services. Mukesh Ambani also talked about the company’s intent to work on AI.

Brokerages across the board stayed positive on the stock. CLSA maintained its “buy” rating on the stock with a target price of ₹3,060. The global brokerage firm highlighted that the launch of Jio AirFiber and the appointment of the next generation of the Ambani family to the board were a positive.

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Jefferies also maintained its “buy” rating on the stock with a price target of ₹2,950. The research firm highlighted that the AGM laid out a succession plan with the induction of three Ambani children to the board. The firm added that the company’s retail venture is likely to attract more investors.

ICICI Securities also maintained its “add” rating with a price target of ₹2,650. The firm said that Reliance Industries (RIL) presented a comprehensive plan for generating value over the upcoming decade. The firm noted that the company has also taken steps to ensure a smooth transition of leadership, with the inclusion of three next-generation members onto the Board.

Macquarie, on the other hand, maintained its “underperform” rating on the stock with a price target of ₹2,100. The firm said that the AGM was largely a reiteration of the medium-term strategy goals already articulated. The firm added that the lack of guidance on spin-off timelines for Jio and Retail will disappoint investors.

Price Action: Reliance’s share price was down 0.56% to trade at ₹2,425.95 in early trade on Tuesday.

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