With FII ownership at 26-quarter low, can Mukesh Ambani’s RIL get its mojo back soon?

Foreign institutional investors (FIIs) have sold shares of Reliance Industries for six consecutive quarters, causing their holding to hit a 26-quarter low in March. During the quarter, FIIs sold RIL shares worth INR 17,613 crore, a five-fold increase from the previous quarter, according to data from Prime Database. As of March-end, FIIs held 22.49% stake, compared to 25.66% the year before. In contrast, domestic investors have continued to buy shares, with mutual funds reaching an all-time high of 6.34% stake in the March quarter. The weakness of RIL’s oil-to-chemicals business was a major reason for the underperformance of the stock.