Shares of Reliance Industries Ltd fell nearly 3 per cent to its lowest since December 29, 2016 on Jio spending worries.
Oil-to-telecoms conglomerate has posted slightly better-than-expected earnings but analysts cite concerns about spending on telecoms unit Jio.
Jefferies says Reliance plans to infuse another $4.4 billion of equity into Jio in addition to $8.8 billion already invested.
Nomura says capex on Jio “remains a key worry” for Reliance Industries shares.