PMS Prashad executive director of RIL pledges 93.75% of his shares

PMS Prasad, Executive director of Reliance Industrial Limited and confidant of Mukesh Ambani has pledged 93.75% or 600,000 shares of the company he owns in RIL.

PMS Prashad executive director of RIL pledges 93.75% of Reliance Industries shares. PMS Prashad, Executive director of Reliance Industrial Limited and confidant of Mukesh Ambani has pledged 93.75% or 600,000 shares of the company he owns in RIL. According to stock exchange filings.

Now he holds 40,000 shares which are subscribed to the company’s rights issues.

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PMS Prasad is known for bringing RIL’s Hazira petrochemical complex on stream in the 1980s and later the man behind RIL’s Krishan Godavari achievement. He has been part of Mukesh Ambani’s Team – A for  35 years.

RIL’s stock has risen 151% from the lows in March, with a 27.83% jump till 28 July.

Analysts have degraded RIL shares. CSLA has downgraded shares from ‘outperform’ to ‘buy’.

CLSA expects the company’s market capitalization to cross $220 billion by March 2022.