Energy conglomerate Reliance Industries reported its first quarterly profit drop in more than two years, and moved to bolster its underperforming shares by announcing a share buyback of up to 104.4 billion rupees.
Reliance, India's biggest company by market value, said it would buy back up to 120 million shares at a maximum price of 870 rupees, its first share buyback since 2005 and the biggest ever in India.
At the maximum price, the buyback represents an almost 10 percent premium to Reliance's closing share price of 792.65 rupees on Friday.
Reliance, which has a market capitalisation of about $51 billion, said it held cash and cash equivalents of $14 billion as of the end of December.
