Mukesh Ambani says at 22.5% of share buyback target

Reliance Industries has bought back 27 million shares to date, 22.5% of its share buyback target, Chairman Mukesh Ambani said.

Reliance Industries has bought back 27 million shares to date, 22.5% of its share buyback target, Chairman Mukesh Ambani said.

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Reliance announced in January it would buy back up to 120 million shares at a maximum value of 104.4 billion rupees ($1.9 billion), its first share buyback since 2005 and the biggest ever in India.

The energy-focused conglomerate reported its second consecutive quarterly drop in profit during the three months to March, its shares are near a three-year low, and its rising cash pile has fuelled investor disquiet.