The Mukesh Ambani-led company has scheduled its 49th AGM today at 2 pm via video conferencing and other audio-visual means. Investors eagerly await updates on the much-awaited Jio Platforms IPO, retail expansion strategy and progress in its new energy business.

Data shows that Reliance Industries shares have fallen on the day of the AGM in four out of the last five sessions.

Last year, Reliance Industries held its 48th AGM on August 28, 2025. Chairman Mukesh Ambani announced the IPO of Jio, calling it a ‘very attractive opportunity for all investors’. On that day, the company’s shares dropped more than 2% and recorded marginal losses in the following session. In the one week that came after the AGM, the shares of the company overall gained nearly 1.3%.On the day of its 47th AGM (August 29, 2024), the shares gained over 1.5% but fell around 0.7% in the following session even after the company hinted at a 1:1 bonus issue, which was later executed for its shareholders. RIL shares overall ended the next one week nearly 2% lower. Prior to that the stock fell over 1% on the day of its 46th AGM (August 28, 2023) and the week that came next.

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RIL shares also fell nearly 1% on August 29, 2022 when the company held its 45th AGM. However, the stock jumped over 1.6% in the next session but recorded marginal losses overall for the following week.

On the day of its 44th AGM (June 2021), RIL shares dropped more than 2%, followed by another 2% decline in the following session. The stock overall dropped nearly 3% in the week that followed the AGM.

Reliance Industries shares have staged a sharp recovery from its recent low of Rs 1,253 on the daily chart, said Sudeep Shah, Head of Technical & Derivatives Research at SBI Securities. After reclaiming its 20-day EMA, the stock has entered a consolidation phase, trading within a narrow Rs 1,334–1,306 range over the last three sessions, he added.

However, according to the analyst, the broader price structure remains unconvincing because the stock continues to form lower highs, indicating a lack of sustained bullish strength. “Momentum indicators also reflect a cautious outlook, with the MACD line positioned below both the signal line and the zero line, suggesting a bearish bias. The 1,370–1,375 zone is likely to act as a strong resistance, and the structure is unlikely to improve meaningfully unless this hurdle is decisively crossed,” he added.

RIL shares fell 0.35% to close at Rs 1,328.10 apiece on NSE on Thursday. The shares of the company have gained over 5% in one week but are down 16% in 2026 so far.

Shareholders can watch the RIL AGM live on Reliance Industries’ official digital platforms. The company is expected to stream the proceedings through its investor relations portal, while the event is also likely to be available on Reliance’s social media and digital channels, as has been the practice in previous years.

The AGM address by Chairman Mukesh Ambani is expected to be the key highlight, with updates from senior leadership across businesses including telecom, retail and new energy.

Also read: Date, Time & 4 Big Things to Watch (Jio IPO, Retail, Energy)

Morgan Stanley maintained its ‘Overweight’ rating on the shares of Reliance Industries, with a target price of Rs 1,803 apiece, marking an upside potential of 36% from the previous closing price of Rs 1,328.10 apiece on NSE.

The international brokerage in its note released on Monday said that energy security policies and tighter refining markets should keep product spreads structurally stronger for longer, supporting Oil to Chemicals’ (O2C) earnings despite higher logistics costs.

“We think Reliance remains well positioned given its ability to process heavy and sour crude grades, access cheaper feedstocks and maintain one of the most diversified crude sourcing portfolios globally. We also see the chemical cycle recovering, with advantaged feedstocks through US ethane and captive naphtha supporting a 6-8% uplift to earnings this year,” Morgan Stanley said.

Beyond O2C, the international brokerage highlighted that Monetisation 4.0 is underway as solar modules and cell manufacturing, and energy storage manufacturing ramp up, and the company begins monetising investments, which it believes is not fully reflected in valuations. Reliance’s AI monetisation and AI datacenter investments also remain a “show me” story for investors, according to Morgan Stanley.

Also read: Jio IPO and 4 other big bets Mukesh Ambani could unveil this Friday

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)