MUMBAI, June 7 (Reuters) - India's Reliance Industries
has bought back 27 million shares to date, 22.5
percent of its share buyback target, Chairman Mukesh Ambani
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.
($1 = 55.1 Indian rupees)
(Reporting by Prashant Mehra; Editing by Ranjit Gangadharan)