Mukesh Ambani readies succession plan; RIL stock may soar 24%, hit new high

According to the technical charts, the range of Rs 2,350 - Rs 2,150 on the stock is seen as a good area for bottom fishing.

As part of the succession plan in one of Asia's largest business family and oil-to-telecom conglomerate Reliance Industries, the chairman and managing director of company, Mukesh Ambani on Tuesday handed over the reins of its telecom subsiary, Reliance Jio Infocomm, to his 30-year old son Akash Ambani. 

The transition has come ahead of an anticipated initial public offering (IPO) of Jio Platforms.

Akash an economics graduate from Brown University in the US, and has been involved with Jio since its inception and is also a board member of Jio Platforms. With over 410 million subscribers, Jio is the largest mobile