Retail stocks were trading lower, with Future Retail and V2 Retail falling more than 4 percent, after Reliance Industries announced expansion plans for JioMart, its omnichannel retail platform.
Aditya Birla Fashion, Arvind Fashions, Future Enterprises, Future Retail, Mandhana Retail, Shoppers Stop, Spencer Retail, Trent, V-Mart Retail and V2 Retail were down 1-5 percent at the time of publishing this copy.
JioMart will cover electronics, pharma, fashion and healthcare going ahead, Reliance Industries Chairman Mukesh Ambani said while addressing 43rd AGM. The group will induct global partners, investors into Reliance Retail in the next few quarters.
"JioMart and WhatsApp will be working together with Kirana stores. WhatsApp's 400 million users bring unique value to Jio-Facebook partnership," Ambani said.
Track all the updates on RIL AGM by following our LIVE blog here
So far Facebook, the owner of Whatsapp, is the biggest shareholder in Jio Platforms after Reliance Industries, acquired 9.99 percent stake for Rs 43,574 crore.
Ambani said Reliance Retail was India’s largest and most profitable retail business. "In the last five years, retail business revenue has grown 8x and profits 11x."
"Our growth model is based on partnership with small merchants. We have successfully piloted JioMart grocery delivery and reached over 2.50 lakh orders per day on JioMart," he said.
Follow all of our coverage on RIL's 43rd annual general meeting here.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.