Reliance Industries (RIL) in its press release of 19th June, 2020, issued to exchanges, have carried a quote of its Chairman, Mukesh Ambani, having stated, "Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021."

Strangely, as at 30-9-2020, RIL had net debt of Rs. 93,540 crore, with Gross Debt of Rs. 2,79,251 cr and cash equivalents of Rs. 1,85,711 cr. RIL, inspite of its practice of giving net debt, at the end of every quarter, did not give it for quarter ending 30-6-2020.

Of Jio Platform total placement of Rs. 1,52,056 crore, Rs. 33,737 cr were received couple of days back by RIL from Google. Of Rights issue of Rs. 53,124 cr, Rs. 39,843 cr, will be received in 2 tranches in May and November 2021.  Even increase of assets in Financial Services segment, from Rs. 68,368 cr, as at 31-3-20 to Rs. 1,05,694 cr, as at 30-9-20, is seen bothering the market.

Sometimes, over enthusiasm and non matching of financials can cost a lot in the stock market. Eventually, share price has to take a brunt, in which small investors also get to lose.