RIL - Why market is unkind to stock?

Reliance Industries (RIL) share price having moved to Rs. 2,369 on 16-9-20, fell to low of Rs. 1,835 on 3-11-20, a fall of over 22% in about 45 days. Few TV Channels attribute it to dispute between Amazon and Future Group, in which RIL was also made a party. But reality is different, which may not be revealed by the vested interests.

RIL in H1FY21 received Rs. 1,46,723 cr, from Jio, Retail, Rights and BP deal. But Net Debt fell by Rs. 67,495 cr only. RIL had Net Debt of Rs. 1,61,035 cr, on 31-3-20, which got reduced to Rs. 93.540 cr on 30-9-20. RIL opted to pay more to Trade Payables and other Current Liabilities. Even  capital employed in Financial Service Segment rose to Rs. 1,07,975 cr on 30-9-20 from Rs. 68,368 cr on 31-3-20. All these gives a big discomfort. Even, RIL is yet to receive Rs. 33,737 cr. Of Jio Patform placement, which were made by Mid July 20, but not received even till end of October, 2020. This is another worry for market.

Hedge Funds and FIIs are seen sellers in the stock, while informed circles are expecting this selling to be seen rising in the coming weeks, as they re holding large chunk of RIL. Does FIIs know more than we experts and Media?