RIL share price falls over 2% as company delays Jiophone Next launch

Reliance Industries (RIL) shares fell 2.22% to Rs 2371.55 on the BSE Sensex on Monday, mainly to profit-taking after the company’s telecom subsidiary Reliance Jio postponed the launch of its cheap smartphone, JioPhone Next, created in collaboration with Google, due to a global semiconductor shortage.

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The phone will now be accessible “more broadly” during the Diwali festival season in India, rather than on September 10, 2021, as previously planned.

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On September 6, 2021, the shares of the country’s most valued firm achieved a record high of Rs 2,479.85 in terms of market capitalisation. However, despite the current fall, the stock has gone up significantly in the last month, gaining 11% compared to the S&P BSE Sensex’s 5% gain.

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On Thursday, September 9, 2021, Jio and Google revealed that they have achieved significant progress toward the introduction of the much-anticipated JioPhone Next, the made-for-India smartphone created collaboratively by the firms.

“Both companies have begun testing JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season. This additional time will also help mitigate the current industry-wide, global semiconductor shortages,” Jio and Google said in a media release.

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Reliance Jio and British Petroleum have also partnered with electric car ride-hailing app BluSmart to put up charging infrastructure (for PV and 2-W) in India, according to media sources. Jio-BP will build EV charging stations in Delhi-NCR in the first phase, with a minimum capacity of 30 vehicles per station. From its present network of slightly over 1,400 fuel stations, Jio-BP plans to grow its network to 5,500 in the next five years.